EVENING SNAPSHOT - Europe Markets Summary

08 October 2008 17:12  [Source: ICIS news]

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

 

CRUDE: November WTI: $86.86/bbl, down $3.2/bbl. November BRENT: $81.77/bbl, down $2.89/bbl

 

The crude oil markets fell by about $2bbl when this week’s US Stock figures showed a much larger than expected build on crude and gasoline stocks. This was countered by a slightly bigger than anticipated draw on distillate inventories.

 

NAPHTHA: Open spec spot cargoes were assessed in a $650-660/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down $9/tonne on the buy side of the range set earlier in the day. November swaps were pegged at $650-651/tonne CIF NWE.

 

BENZENE: Business was rumoured at $960/tonne, $958/tonne and $955/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) for October and $947.50/tonne CIF ARA for November although no claimants for the deals could be found. October bids and offers remained on the downtrend, falling $25-35/tonne to $930-940/tonne CIF ARA. November was valued at $925-935/tonne CIF ARA.

 

STYRENE: A firm October offer was heard for European styrene at $1,270/tonne FOB Rotterdam with no bid heard and buyers pegged at $1,240/tonne FOB Rotterdam. November was offered at $1,270/tonne FOB Rotterdam, with a firm bid mooted at $1,230/tonne FOB Rotterdam. 

 

TOLUENE: A firm October offer was heard at $760/tonne FOB Rotterdam with no corresponding bid noted.

 

MTBE: In the afternoon bids and offers were shown for MTBE between $870-930/tonne FOB (free on board) AR(Amsterdam Rotterdam) but were rapidly withdrawn. Gasoline traded at $738/tonne FOB AR early in afternoon but after weekly US stocks data showed a larger than expected build in gasoline stocks values tumbled and gasoline traded at between $715-720/tonne FOB AR.

 

XYLENES: A lower offer was heard in the afternoon at $980/tonne CFR (cost and freight) Rotterdam for October, however, no bids were heard. The bid/offer range remained unchanged.

 

($1 = €0.73)

 

For more pricing intelligence visit ICIS pricing 

 

By: Staff Reporter
+44 20 8652 3214

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