NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: November WTI: $87.34/bbl, down $2.72/bbl. November BRENT: $82.22/bbl, down $2.44/bbl

 

Crude oil prices fell by as much as $4/bbl during mid-morning before regaining some ground. The principle factor pushing prices down was the fear that the continuing global financial crisis would further affect slumping demand.

 

NAPHTHA: Open-spec spot cargoes were assessed in a $659-669/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down $22/tonne on the buy side of the range set at the end of trading on Tuesday. November swaps were pegged at $660-662/tonne CIF NWE.

 

BENZENE: Bid/offer indications for October loading benzene were heard down $35-40/tonne from the previous close at $955-975/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), with the market tumbling on crude oil losses of $4/bbl plus, in turn predicated on further recessionary fears.

 

STYRENE: Firm October and November styrene offers were heard at $1,290-1,300/tonne FOB (free on board) Rotterdam and $1,270/tonne FOB Rotterdam respectively with no bids yet noted.  Expectations of a further downtrend on benzene and energy were widely mooted.

 

TOLUENE: Bids and offers for October loading toluene were heard at ICIS 10 October flat on the sell side and ICIS minus $11/tonne on the buy side. No firm numbers were heard, with the market expected to be lower after gasoline trades at $731/tonne FOB AR.

 

MTBE: MTBE was heard offered at a factor of 1.24, after Tuesday’s trade at a factor of 1.26. In this very tight market sellers were adopting a “take it or leave it” attitude to pricing, according to traders. Gasoline traded at $731/tonne FOB AR, pegging the flat price for the MTBE offer at $906/tonne FOB AR.

 

XYLENES: European PX levels remained stable with the offer at $1,025/tonne CIF ARA still valid. The bid/offer range was unchanged at $1,000-1,040/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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