EVENING SNAPSHOT - Europe Markets Summary

26 November 2008 17:00  [Source: ICIS news]

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

CRUDE: January WTI: $53.45/bbl, up $2.68/bbl. January BRENT: $53.00/bbl, up $2.65/bbl

Having seen all the earlier gains wiped out when the weekly US Stock figures revealed a huge crude stock build and smaller-than-expected draws on distillates and heating oil, prices bounced back on a bout of short covering ahead of the long US Thanksgiving holiday.

NAPHTHA: Open spec spot cargoes were assessed in a $320-330/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down $8/tonne on the buy-side of the range set earlier in the day. December swaps were pegged at $320-322/tonne CIF NWE.

BENZENE: Two December trade-to-industry deals were reported at $250/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) for December, while two January industry-to-trade deals were reported at $275/tonne CIF ARA. Both were roll deals. A further December deal was rumoured at $240/tonne CIF ARA from industry to trader, with a January deal rumoured at $265/tonne, but neither could be confirmed.

STYRENE: A firm December styrene bid was heard at $585/tonne FOB (free on board) Rotterdam. Offers were assessed at or slightly above $620/tonne.

TOLUENE: The toluene market remained quiet and bids and offers were notionally unchanged at $440-458/tonne FOB Rotterdam.

MTBE: MTBE was reported to have traded at a factor of 1.34. Bids for MTBE were heard between $496-520/tonne FOB AR (Amsterdam, Rotterdam) in the afternoon, climbing as gasoline rose on the back of crude. Offers were assessed at a factor of 1.36, pegged at $563/tonne FOB AR against the afternoon's gasoline high.

XYLENES: No activity was seen on the PX market 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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