NOON SNAPSHOT - Europe Markets Summary

03 December 2008 12:01  [Source: ICIS news]

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

CRUDE: January WTI: $47.20/bbl, up $0.24/bbl. January BRENT: $45.70/bbl, up $0.26/bbl

After two days of large losses, the crude markets were somewhat quieter before publication of the weekly US stock figures, which were predicted to show builds on crude and products.

NAPHTHA: Open spec spot cargoes were assessed in a $263-273/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down $7/tonne on the buy side of the range set at the end of trading on Tuesday. December swaps were pegged at $264-266/tonne CIF NWE.

BENZENE: A January benzene deal was rumoured inter trade at $260/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), with forward month bids and offers hear within a $250-260/tonne CIF ARA range. The market remained in contango, with December valued at $210-230/tonne CIF ARA, down $10-15/tonne from the previous close.

STYRENE: No fresh buy/sell ideas were heard, and the styrene market was pegged stable from the previous close, at $600-630/tonne FOB (free on board) Rotterdam for November and $580-600/tonne FOB Rotterdam for January.

TOLUENE: Bid/offer indications for December loading toluene were heard within a tighter range than at the previous close, at $410-430/tonne FOB Rotterdam, up $10/tonne on the buy side and down $20/tonne on the sell side.

MTBE: The MTBE bid offer range was assessed by market sources as between a factor of 1.375-1.40 this morning. Gasoline traded $357-364/tonne FOB AR (Amsterdam Rotterdam), pegging flat prices between $491-510/tonne FOB AR.

XYLENES: Paraxylene values were last heard between $540-600/tonne FOB Rotterdam, in a largely inactive market.

($1 = €0.79)

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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