EVENING SNAPSHOT - Europe Markets Summary

25 November 2008 17:36  [Source: ICIS news]

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

CRUDE: January WTI: $51.30/bbl, down $3.20/bbl. January BRENT: $51.40/bbl, down $2.53/bbl

Prices fell sharply, giving back most of the gains posted the previous day. However, trading was said to be thin ahead of the US Thanksgiving holiday and the weekend’s OPEC meeting in Cairo.

NAPHTHA: Open spec spot cargoes were assessed in a range of $286-296/tonne CIF (cost, insurance and freight) NWE (northwest Europe), down $2/tonne on the bu- side of the range set earlier in the day. December swaps were pegged at $286-288/tonne CIF NWE.

BENZENE: Players talked December benzene in a range of $280-290/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), $5/tonne down on the offer side. January bids and offers were heard at $300-320/tonne CIF ARA. December levels were valued at $280-290/tonne CIF ARA. November was unchanged at $230-250/tonne CIF ARA.

STYRENE: A firm December bid was heard at $510/tonne FOB (free on board) Rotterdam and offers were at $560/tonne FOB Rotterdam. The new December levels were changed to these values. January was approximately assessed $20/tonne higher on the offer side at $520-580/tonne FOB Rotterdam. November was unchanged at $500-520/tonne FOB Rotterdam.

TOLUENE: A firm bid was heard at $440/tonne, with an offer at $458/tonne FOB Rotterdam. The December levels were changed accordingly. November was unchanged at $410-450/tonne.

MTBE: MTBE traded at $486/tonne FOB AR (Amsterdam, Rotterdam) between traders, for delivery 28 November-10 December, for 1,000 tonnes. Gasoline traded at $368-370/tonne FOB AR around this time, pegging the factor for the trade up from the earlier session at 1.31-1.32.

XYLENES: Tuesday once again saw a lack of buying interest in the paraxylene (PX_ market, and price levels were pegged 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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