Corrected: Europe aromatics fall $100/bbl

Correction: In the ICIS news story headlined “Europe aromatics fall $100/bbl on energy woes” dated 15 October 2008, please read the headline as  “…$100/tonne …” instead of  “… $100/bbl …”

LONDON (ICIS news)--Spot values for European aromatics fell as much as $100/tonne in 24 hours, as downstream demand remained weak and energy complex values fell throughout Wednesday.

Spot benzene, styrene and toluene values closed the previous evening at $900-930/tonne (€657-679/tonne) CIF (cost, insurance and freight) ARA (Amsterdam, Rotterdam, Antwerp), $1,150-1,180/tonne FOB (free on board) Rotterdam and $720-740/tonne FOB Rotterdam.

By 17:00 British summer time (16:00 GMT) on Wednesday, global chemical market intelligence service ICIS pricing was quoting $800-820/tonne CIF ARA, $1,070-1,090/tonne FOB Rotterdam and $640-730/tonne FOB Rotterdam. 

These values marked new lows for 2008.

Market participants attributed the fall to weak downstream demand and crumbling energy complex values.  Upstream, crude oil fell more than $4/bbl in intraday trading, with Brent also at a new low for 2008 of $70bbl.

Naphtha and gasoline values were also down, with the former closing at $519-529/tonne CIF NWE (northwest Europe), down $67/tonne from the previous close and the latter trading as low as $612/tonne FOB AR (Amsterdam, Rotterdam), down $51-56/tonne from the previous close.

The fall in energy complex values was itself attributed to weakening confidence that recent measures to assuage global financial markets would improve demand for crude oil.

($1 = €0.73)

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For more on benzene, styrene and toluene visit ICIS chemical intelligence

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