EVENING SNAPSHOT - Europe Markets Summary

05 December 2008 17:17  [Source: ICIS news]

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

CRUDE: January WTI: $40.90/bbl, down $2.77/bbl. January BRENT: $39.70/bbl, down $2.58/bbl

Prices continued to tumble on the back of an ever-gloomier economic outlook, taking front-month prices to their lowest levels since January 2005.

NAPHTHA: Open spec spot cargoes were assessed in a $230-240/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down $28/tonne on the buy-side of the range set earlier in the day. January swaps were pegged at $231-233/tonne CIF NWE.

BENZENE: Spot benzene market participants said there were rumours of a December deal at $190/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), at an all-time record low. Bids and offers for the front month were talked within a $185-195/tonne CIF ARA range. January was talked within a $225-235/tonne CIF ARA range.

STYRENE:  A December styrene deal was rumoured at $520/tonne FOB (free on board) Rotterdam, with the participating parties as of yet unknown. December was talked within a $510-535/tonne FOB Rotterdam range, with January talked at $535-550/tonne FOB Rotterdam.

TOLUENE: Sellers were looking for buyers, but found nothing firm. Gasoline values, on the downward trend on crude, yielded notional values of $360-400/tonne FOB Rotterdam in a thin market.

MTBE: MTBE traded three times in the afternoon, at $471/tonne FOB AR (Amsterdam, Rotterdam), $475/tonne FOB AR and $474/tonne FOB AR. Gasoline traded between $316-317/tonne FOB AR, pegging the factor at 1.49-1.50.

XYLENES: PX players talked buy and sell ideas between $500-540/tonne FOB Rotterdam on Friday afternoon and levels were adjusted accordingly.

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By: Staff Reporter
+44 20 8652 3214

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