EVENING SNAPSHOT - Europe Markets Summary

07 October 2008 17:13  [Source: ICIS news]

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

 

CRUDE: November WTI: $89.23/bbl, up $1.42/bbl. November BRENT: $84.40/bbl, up $0.72/bbl

 

Oil prices continued to trade in positive territory after sharp falls to eight-month lows on Monday as the dollar eased off highs and hopes were raised of global interest rate cuts.

 

NAPHTHA: Open spec spot cargoes were assessed in a $681-691/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down $12/tonne on the buy side of the range set earlier in the day. November swaps were pegged at $681-683/tonne CIF NWE.

 

BENZENE: Offer indications for October loading benzene were heard within a $995-1,010/tonne CIF ARA range, up $5/tonne on the sell side. November was valued at $985-1,000/tonne CIF ARA. Deals had been reported and confirmed at $1,005/tone CIF ARA (Amsterdam, Rotterdam, Antwerp) for October and $995/tonne CIF ARA for November earlier in the day.

 

STYRENE: An October styrene deal was heard at $1,320/tonne FOB Rotterdam, with the buyer reporting and the seller as yet unknown. Earlier in the day a trader had reported selling at $1,300/tonne FOB Rotterdam for November. Front and forward month bids and offers were heard within respective $1,300-1,320/tonne FOB Rotterdam and $1,260-1,300/tonne FOB Rotterdam ranges.

 

TOLUENE: Trade reported selling 1,000 tonnes of toluene to trade at $780/tonne FOB Rotterdam for the first half of October, with buyer confirmation pending. Bids and offers for front month business were pegged within a $770-790/tonne FOB Rotterdam range.

 

MTBE: MTBE traded once in the afternoon inter trade at $935/tonne FOB (free on board) AR (Amsterdam Rotterdam) for 1,000 tonnes, delivery 10-22 October. Gasoline traded between $740-742/tonne FOB AR, pegging the factor for the above MTBE trade at a recent high of around 1.26.

 

XYLENES: A lower PX offer was heard on Tuesday afternoon at $1,025/tonne CIF ARA, indicating an FOB offer level should be around $,1040/tonne. The new bid/offer range was now pegged at $1,000-1,040/tonne FOB Rotterdam.

 

($1 = €0.74)

 

For more pricing intelligence please visit ICIS pricing 

By: Staff Reporter
+44 20 8652 3214

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