EVENING SNAPSHOT - Europe Markets Summary

24 November 2008 17:18  [Source: ICIS news]

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

CRUDE: January WTI: $53.65/bbl, up $3.72/bbl. January BRENT: $52.74/bbl, up $3.55/bbl

Oil prices gained with the stock markets after reports emerged that the US government rescued troubled bank Citigroup and at the same time the dollar weakened.

NAPHTHA: Open spec spot cargoes were assessed in a range of $294-304/tonne CIF (cost, insurance and freight) NWE (northwest Europe), up $25/tonne on the buy-side of the range set earlier in the day. December swaps were pegged at $295-297/tonne CIF NWE. An unconfirmed trade was heard at $296/tonne.

BENZENE: Bids and offers for December were seen at $290-310/tonne CIF ARA (Amsterdam-Rotterdam-Antwerp), up from a lower bid/offer range of $255-285/tonne CIF ARA earlier in the day. Late deals were heard at $280/tonne and $285/tonne.

Bids for January were heard throughout the day at $265/tonne against no offers, while a late deal was heard in the market at $310/tonne.

STYRENE: Bids and offers throughout the day were stable at $500-520/tonne FOB (free on board) Rotterdam for November and $480-520/tonne FOB Rotterdam for December. No firm indications were heard on January business.

TOLUENE: November Toluene was talked in a wider range of $410-450/tonne CIF ARA, while December was pegged at $420-435/tonne CIF ARA.

MTBE: Five trades were heard, one at $491/tonne FOB AR, one at $492/tonne FOB AR, one at $500/tonne FOB AR and two at $505/tonne FOB AR. Gasoline traded at $362-392/tonne FOB AR, which pegged a factor range against barges for the deals between 1.28-1.35.

Trades were reported as taking place late in the session, when the gasoline price has spiked significantly, and that participants believed 1.35 was too high a factor.

XYLENES: No new bids or offers were heard on paraxylene, which was assessed stable at $540-600/tonne FOB Rotterdam.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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