NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: January WTI: $51.50/bbl, up $0.73/bbl. January BRENT: $51.53/bbl, up $1.18/bbl

As the market focus switched to the weekly US stock figures due out later in the day, oil futures recouped some of the lost ground the previous day as analysts were expecting the data to show a drop in distillate stocks.

NAPHTHA: Open spec spot cargoes were assessed in a range of $328-340/tonne CIF (cost, insurance and freight) NWE (northwest Europe), up $42/tonne on the buy-side of the range set the previous day. December swaps were pegged at $328-332/tonne CIF NWE.

BENZENE: European December benzene offers fell from $285/tonne to $270/tonne CIF ARA(Amsterdam, Rotterdam, Antwerp), as buying interest remained weak. December levels were changed to $250-270/tonne CIF ARA, down $20-30/tonne from Tuesday’s close. January offers also fell, from $305/tonne to $290/tonne, while bids were absent.

STYRENE: There was a lack of numbers in the market and styrene levels were unchanged at $510-560/tonne FOB (free on board) Rotterdam from Tuesday.

TOLUENE: A firm toluene bid for 1,500 tonnes was heard in the market at $440/tonne FOB Rotterdam, and Tuesday’s levels were unchanged at $440-458/tonne FOB Rotterdam.

MTBE: MTBE was valued at a factor over gasoline of 1.28-1.34 for December delivery. Market sources said that the firming offer side was due to tight supply. Gasoline traded at $386/tonne FOB AR (Amsterdam Rotterdam), pegging flat values between $494-517/tonne FOB AR.

XYLENES: The PX market was quiet and 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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