EVENING SNAPSHOT - Europe Markets Summary

24 October 2008 17:15  [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: $64.45/bbl, down $3.39/bbl. December BRENT: $62.44/bbl, down $3.48/bbl

Despite OPEC cutting supply earlier in the day, the oil markets continued to lose ground on the back of worries over a global recession.

NAPHTHA: Open spec spot cargoes were assessed in a range of $412-422/tonne CIF (cost, insurance and freight) NWE (northwest Europe), up $7/tonne on the buy-side of the range set earlier in the day. November swaps were pegged at $412-414/tonne CIF NWE.

BENZENE: November benzene business was rumoured at $480/tonne, $485/tonne, and $490/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp). Bids and offers were talked within a $480-490/tonne CIF ARA range.

STYRENE: A firm offer for November loading styrene was heard at $800/tonne FOB (free on board) Rotterdam against buyers pegged at $700/tonne FOB Rotterdam. December offers were heard at $750/tonne FOB Rotterdam and January lower yet. No October numbers were heard.

TOLUENE: Buy/sell indications for European spot toluene were talked within a $520-540/tonne FOB Rotterdam with these values seen as largely indicational.

MTBE: MTBE traded twice, once at $616/tonne FOB AR between traders and once at $610/tonne FOB AR between a trader and a producer. Both trades were for 1,000 tonnes, for delivery 27-31 October. Gasoline traded between $503-511/tonne FOB AR, pegging the factor value for the above trades between 1.20-1.22.

XYLENES: A firm offer for paraxylene (PX) was reported at $650/tonne CFR (cost and freight), but could not entice any bids. The new bid/offer range was pegged at $670-710/tonne FOB Rotterdam.

($1 = €0.78)

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By: Staff Reporter
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