NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: January WTI: $53.33/bbl, down $1.11/bbl. January BRENT: $52.98/bbl, down $0.94/bbl

Crude fell more than $1/bbl as concerns over waning demand re-emerged following the previous day’s gains of around 7%, which had been driven by a stock market rally and short covering ahead of the US Thanksgiving holiday.

NAPHTHA: Open spec spot cargoes were assessed in a range of $316-326/tonne CIF (cost, insurance and freight) NWE (northwest Europe), down $4/tonne on the buy-side of the range set the previous day. December swaps were pegged at $316-318/tonne CIF NWE.

BENZENE: Two December benzene deals were reported at $225/tonne and $230/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), with confirmation pending. The new December range was assessed at $215-225/tonne, down $35/tonne.

STYRENE: One European co-producer December styrene deal of 1,000 tonnes was reported at $650/tonne FOB Rotterdam. An intertrade deal was also heard from Wednesday at $580/tonne FOB Rotterdam, while a trade-to-industry deal from the same day was also confirmed at $620/tonne FOB Rotterdam, for second-half December delivery.

Bids were at $610-620/tonne and the new December range was pegged at $610-650/tonne FOB Rotterdam, up $25-30/tonne.

TOLUENE: Toluene bids and offers were heard at $445-470/tonne FOB Rotterdam, $5-12/tonne higher.

MTBE: No bids or offers were heard for MTBE. Market participants assessed the market as firming to a factor value of 1.30-1.34 on tightness. Gasoline traded $400-408/tonne FOB AR (Amsterdam Rotterdam), pegging the flat price for MTBE at $520-547/tonne FOB AR.

XYLENES: The paraxylene (PX) spot market remained subdued and the bid/offer range was notionally stable 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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