EVENING SNAPSHOT - Europe Markets Summary

06 October 2008 17:10  [Source: ICIS news]

LONDON (ICIS news)--Here is Monday's end of day European oil and chemical market summary from ICIS pricing.

 

CRUDE: November WTI: $90.48/bbl, down $3.40/bbl. November BRENT: $86.42/bbl, down $3.83/bbl

 

Prices continued to trade more than $3/bbl down from Friday’s closes on the back of the current financial crisis and worries over its impact on oil demand.

 

NAPHTHA: Open spec spot cargoes were assessed in a $698-708/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down $4/tonne on the buy side of the range set earlier in the day. November swaps were pegged at $699-701/tonne CIF NWE.

 

MTBE: Traded three times in the afternoon, at $921/tonne FOB (free on board) AR (Amsterdam Rotterdam) and $920/tonne FOB AR, for 1,000 tonnes each and delivery 13-17 October, both between a trader and a producer, and at $922/tonne FOB AR for 1,000 tonnes for delivery 9-21 October between a producer and a trader.

 

Gasoline traded between $762/tonne FOB AR, pegging the factor price for the above MTBE trades around 1.20.

 

BENZENE: An October benzene deal was confirmed at $1,010/tonne CIF ARA, intertrade, while another intertrade deal was now confirmed for November at $990/tonne. The bid/offer range for October was adjusted slightly upwards to $990-1,010/tonne CIF ARA.

 

STYRENE: The October styrene truck contract reference price (CRF) was settled at €1,162/tonne FCA (free carrier) Rotterdam, down by €88/tonne from the September CRF of €1,250/tonne. Spot offers meanwhile dropped slightly during the day to $1,350/tonne FOB Rotterdam, but failed to entice any bids. The new bid/offer level was pegged at $1,330-1,350/tonne FOB Rotterdam for October.

 

TOLUENE: The toluene market was quiet and bids and offers were assessed between $780-795/tonne FOB Rotterdam, to which the new range was adjusted.

 

XYLENES: A lack of activity persisted on the market and the bid/offer range remained unchanged at $1,050-1,110/tonne FOB Rotterdam.

 

($1 = €0.73)

 

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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