NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: January WTI: $52.47/bbl, down $2.03/bbl. January BRENT: $52.08/bbl, down $1.85/bbl

Oil prices were trading in negative territory after gains of more than $4/bbl on Monday due to expectations that OPEC will cut output and the US government’s rescue of Citigroup.

NAPHTHA: Open spec spot cargoes were assessed in a $288-300/tonne CIF (cost, insurance and freight) NWE (northwest) Europe range, down $6/tonne on the buy-side of the range set on Monday. December swaps were pegged at $288-291/tonne CIF NWE.

BENZENE: Players talked December business in the range of Monday’s deals at $280-295/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), while January bids and offers were heard slightly higher at $290-315/tonne CIF ARA.

STYRENE: The styrene market was quiet and players notionally assessed December bids and offers at $500-550/tonne FOB (free on board) Rotterdam. No indications were heard for November.

TOLUENE: Bids and offers for December toluene were heard at $435-460/tonne FOB Rotterdam. November was quiet, and no indications were heard.

MTBE: MTBE was bid and offered at a factor over gasoline between 1.27-1.31, stable against Monday night’s trades. Gasoline traded at $377/tonne FOB AR (Amsterdam, Rotterdam), pegging flat MTBE prices between $479-494/tonne FOB AR.

XYLENES: The PX market saw no new numbers and the bid/offer range was 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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