EVENING SNAPSHOT - Europe Markets Summary

10 October 2008 17:27  [Source: ICIS news]

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

CRUDE: November WTI: $80.10/bbl, down $6.49/bbl. November BRENT: $76.13/bbl, down $6.53/bbl

Oil prices continued to fall and at one point November Brent was showing losses of more than $7/bbl. The ongoing global crisis and its impact on oil demand was mainly fuelling this decline, but some gains in the US dollar were adding to the current downward pressure.

NAPHTHA: Open spec spot cargoes were assessed in a range of $584-594/tonne CIF (cost, insurance and freight) NWE (northwest Europe), down $19/tonne on the buy-side of the range set earlier in the day. November swaps were pegged at $584-586/tonne CIF NWE.

BENZENE: Bids and offers for October and November were heard at $880-895/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) and $860-885/tonne CIF ARA respectively, while deals were reported at $900/tonne CIF ARA for October and $870/tonne CIF ARA for November.

STYRENE: An October deal was confirmed at $1,130/tonne FOB (free on board_ Rotterdam, while bids and offers evaporated. October was pegged at $1,120-1,150/tonne FOB Rotterdam and November at $1,110-1,140/tonne FOB Rotterdam.

TOLUENE: A firm bid and offer were heard at $615/tonne and $685/tonne FOB Rotterdam for October, with no business noted.

MTBE: An offer was seen on MTBE at $799/tonne FOB AR (Amsterdam Rotterdam) in open trading for delivery 15-25 October. In the absence of any firm buying interest, bids were pegged at $780/tonne FOB AR. Gasoline traded at $667-675/tonne FOB AR. The notional MTBE factor over gasoline on these numbers was 1.16-1.18, a sharp drop from earlier in the day.

XYLENES: Two firm paraxylene offers were reported on Friday at $935/tonne and $920/tonne CFR (cost and freight) Rotterdam, but failed to entice any bids. The new bid/offer range was adjusted to $920-940/tonne FOB Rotterdam.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
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