NOON SNAPSHOT - Europe Markets Summary

07 October 2008 12:00  [Source: ICIS news]

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

 

CRUDE: November WTI: $90.52/bbl, up $2.71/bbl. November BRENT: $85.68/bbl, up $2.00/bbl

 

Crude oil prices regained some of the $6/bbl lost over Monday after hopes that a cut in interest rates in Australia would set a precedent for other countries.

 

NAPHTHA: Open spec spot cargoes were assessed in a $693-703/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down $5/tonne on the buy side of the range set at the end of trading on Monday. November swaps were pegged at $693-695/tonne CIF NWE.

 

BENZENE: Bid/offer indications for October loading benzene were talked within a tighter range, at $1,005-1,020/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), with November offers seen lower at $1,015/tonne CIF ARA and bids at a parity with the front month.

 

STYRENE: October styrene buyers were talked down to $1,250/tonne FOB (free on board) Rotterdam against offers at $1,325-1,330/tonne FOB Rotterdam. November was seen lower yet, within a $1,220-1,300/tonne FOB Rotterdam range. Players were unsure if business would be conducted within these ranges, although deals were rumoured at higher numbers.

 

TOLUENE: A firm offer was heard for a first half October loading parcel of toluene at $790/tonne FOB Rotterdam, down $5/tonne from the previous close.  Bids were pegged at an analogous decrease, valued at $775/tonne FOB Rotterdam. 

 

MTBE: A bid was heard at a factor of 1.19 for October delivered MTBE this morning. No offers were seen. Gasoline traded at $765/tonne FOB AR (Amsterdam Rotterdam), pegging the flat price of the morning’s bid around $910/tonne FOB AR.

 

XYLENES: PX offers dropped to $1,050/tonne CIF ARA on Tuesday morning, while bids were assessed below the $1,000/tonne level. The new range was adjusted downwards to $1,000-1,065/tonne FOB Rotterdam.

 

($1 = €0.74)

 

For more pricing intelligence please visit ICIS pricing 

By: Staff Reporter
+44 20 8652 3214

< previous article(VIDEO - ICIS news Asia Lunchtime Bulletin 28 October 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly