NOON SNAPSHOT - Europe Markets Summary

24 November 2008 12:00  [Source: ICIS news]

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

CRUDE: January WTI: $51.60/bbl, up $1.67/bbl. January BRENT: $50.70/bbl, up $1.51/bbl

After falling below Friday’s settlements, oil prices then pushed up to gain more then $1.50/bbl for both Brent and WTI. Contributing factors were expected production rate cuts from OPEC’s informal meeting in Cairo later in the week and the US government’s announcement of a bail-out package for Citigroup, which helped boost the equities markets.

NAPHTHA: Open spec spot cargoes were assessed in a range of $269-279/tonne CIF (cost, insurance and freight) NWE (northwest Europe), up $14/tonne on the buy-side of the range set at the end of trading on Friday. December swaps were pegged at $270-273/tonne CIF NWE.

BENZENE: December bids and offers were firm at $255-285/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), while a January bid was heard higher at $265/tonne CIF ARA. No numbers were heard for November. The price levels for December were changed to $255-285/tonne CIF ARA.

STYRENE: November bids and offers were heard at $500-520/tonne FOB (free on board) Rotterdam, and the range was pegged at these levels, down $50/tonne from previous levels. December was heard lower at $480-520/tone FOB Rotterdam.

TOLUENE: No new toluene levels were heard and the bid/offer range was unchanged at $410-430/tonne FOB Rotterdam.

MTBE: No bids or offers were heard for MTBE, but value was pegged around a factor over gasoline of 1.26. Gasoline traded at $349-362/tonne FOB AR (Amsterdam Rotterdam), pegging flat values for MTBE between $440-456/tonne FOB AR.

PX: The paraxylene (PX) market was quiet and levels were unchanged 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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