EVENING SNAPSHOT - Europe Markets Summary

03 December 2008 17:16  [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: $46.75/bbl, down $0.21/bbl. January BRENT: $45.10/bbl, down $0.34/bbl.

Unexpected draws on crude and products in the weekly US stock data saw prices rise sharply to recoup earlier losses. Unfortunately, the gains were quickly given back as prices fell to their lowest levels since early 2005.

NAPHTHA: Open spec spot cargoes were assessed in a $259-269/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down $4/tonne on the buy side of the range set earlier in the day. December swaps were pegged at $260-261/tonne CIF NWE.

BENZENE: An industry trader reported buying 1,000 tonnes of December loading benzene at $215/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), with front month buy/sell ideas quoted within a $210-220/tonne CIF ARA range, down $10/tonne on the sell side, and January talked at $230-250/tonne CIF ARA.

STYRENE: Sell ideas for December loading styrene in Europe were talked down $40/tonne to $590/tonne FOB Rotterdam against buyers pegged at $570/tonne FOB Rotterdam. January remained at a premium, valued at $580-600/tonne FOB Rotterdam.

TOLUENE: No fresh buy or sell ideas were heard, and players pegged the market at $395-410/tonne FOB Rotterdam on the basis of gasoline values.

MTBE: The product traded once at $502/tonne FOB AR (Amsterdam Rotterdam) and twice at $500/tonne FOB AR, both for 1,000 tonnes, delivery 8-18 December, all to the same trade buyer. Gasoline traded at $347-353/tonne FOB AR, pegging the factor value of these trades 1.42-1.44.

XYLENES:  Players again described a largely inactive spot market, with December pegged at a static $540-600/tonne FOB Rotterdam.

($1 = €0.79)

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
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