NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: November WTI: $88.95/bbl, up $0.07/bbl. November BRENT: $84.16/bbl, down $0.20/bbl

Crude oil prices swung by around a dollar on either side of Wednesday’s close before settling with slight gains for November WTI and slight losses for November Brent. Overall, the trend on the week remained downward over fears that global recession would further hit demand.

NAPHTHA: Open spec spot cargoes were assessed in a range of $674-684/tonne CIF (cost, insurance and freight) NWE (northwest Europe), up $24/tonne on the buy-side of the range set at the end of trading on Wednesday. November swaps were pegged at $674-675/tonne CIF NWE.

BENZENE: Bid/offer indications for October and November loading benzene were talked up in early trading, to $930-950/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) and $925-950/tonne CIF ARA respectively, an increase of $10-25/tonne from earlier in the session.

STYRENE: A firm October offer was heard for spot styrene, at $1,230/tonne FOB (free on board) Rotterdam against bids pegged at $1,200/tonne FOB Rotterdam. November was valued at $1,170/tonne FOB Rotterdam against buyers at $1,210/tonne FOB Rotterdam. A November deal was rumoured from late on Wednesday at $1,230/tonne FOB Rotterdam for November.

TOLUENE: Players gave October toluene bid/offer indications of $720-760/tonne FOB Rotterdam, down $10/tonne on the buy side of the previous close.

MTBE: MTBE was assessed around a factor to gasoline of 1.23-1.27. A bid was heard at a flat price of $870/tonne FOB AR (Amsterdam Rotterdam), although this was dismissed as unrealistically low by market participants. Traders said that in such a tight market prices were determined by offer levels. Gasoline traded between $732-740/tonne FOB AR, pegging flat MTBE prices on assessed factor values between $900-940/tonne FOB AR.

XYLENES: No new numbers were heard in the paraxylene market and the bid/offer range was kept stable at $980-1,000/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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