EVENING SNAPSHOT - Europe Markets Summary

01 December 2008 17:27  [Source: ICIS news]

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

CRUDE: January WTI: $50.63/bbl, down $3.80/bbl. January BRENT: $49.55/bbl, down $3.94/bbl

Prices continued to tumble following the decision by OPEC over the weekend to postpone making any further production cuts until its next meeting in December.

NAPHTHA: Open spec spot cargoes were assessed in a range of $283-293/tonne CIF (cost, insurance and freight) NWE (northwest Europe), down $22/tonne on the buy-side of the range set earlier in the day. December swaps were pegged at $284-285/tonne CIF NWE.

BENZENE: December benzene price ideas slipped to $230-250/tonne CIF (cost, insurance and freight) ARA (Amsterdam, Rotterdam, Antwerp) , down $10-15/tonne from the earlier session. January was pegged at $275-300/tonne CIF ARA compared with $280-320/tonne CIF ARA earlier.

STYRENE: December styrene was talked at $600-650/tonne FOB (free on board) Rotterdam, but the offer slipped to $610/tonne on the back of crude continuing to crash. The January offer was pegged at $650/tonne FOB Rotterdam prior to crude coming off.

TOLUENE: The market was quietly stable around $445-470/tonne FOB (free on board) Rotterdam.

MTBE: MTBE traded at $532/tonne FOB AR (Amsterdam Rotterdam) and $531/tonne FOB AR, both inter-trade to the same buyer, for 1,000 tonnes, delivery 4-16 December. Bids had been heard earlier at $520/tonne FOB AR, with no offers. The factor for the above trades was calculated at 1.37-1.4, based on gasoline trades at $380-389/tonne FOB AR.

XYLENES: Spot paraxylene (PX) prices were unchanged at $540-600/tonne FOB Rotterdam. The November contract was agreed at €600/tonne FD (free delivered) NWE (northwest Europe), down €140/tonne from October. December also settled at €525/tonne FD NWE.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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