NOON SNAPSHOT - Europe Markets Summary

26 September 2008 12:00  [Source: ICIS news]

LONDON (ICIS news)--Here is Friday’s midday European oil and chemical market summary from ICIS pricing.

CRUDE: November WTI: $105.13/bbl, down $2.89/bbl. November BRENT: $101.98/bbl, down $2.62/bbl

With talks for the $700bn rescue plan stalled and the closure of savings and loans bank Washington Mutual, the weak dollar was not enough to prevent crude oil prices falling steadily throughout the session.

NAPHTHA: Open spec spot cargoes were assessed in a range of $824-834/tonne CIF (cost, insurance and freight) NWE (northwest Europe), down $13/tonne on the buy-side of the range set at the end of trading on Thursday. October swaps were pegged at $825-827/tonne CIF NWE.

BENZENE: Traders rumoured an October benzene deal at $1,175/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), with bids and offers for the front month talked within a $1,165-1,175/tonne CIF ARA range. A November deal was also rumoured at $1,167/tonne CIF ARA.

STYRENE: Buy/sell indications for October loading styrene were talked within a $1,490-1,525/tonne FOB (free on board) Rotterdam range, up $10-25/tonne from earlier in a thin market with players not sure as to the direction spot values were taking.

TOLUENE: Buy/sell indications for October loading toluene were talked up $10-20/tonne from the previous close at $920-950/tonne FOB Rotterdam.

MTBE: A bid was reported on a factor basis at 1.15 for October. Against gasoline trades at $882/tonne FOB (free on board) AR (Amsterdam Rotterdam), an outright price was calculated at $1,014/tonne FOB AR. Both offers and fixed priced ideas for MTBE failed to materialise. This was a move from the deal at $1,040/tonne FOB in the previous session.

XYLENES: Different numbers were heard on the paraxylene (PX) spot market, but consensus seemed to be around $1,100-1,150/tonne FOB Rotterdam, to which the new range was adjusted.

($1 = €0.68)

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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