NOON SNAPSHOT - Europe Markets Summary

08 December 2008 12:00  [Source: ICIS news]

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

CRUDE: January WTI: $42.37/bbl, up $1.56/bbl. January BRENT: $41.29/bbl, up $1.55/bbl

A late rally for US equities on Friday, partly due to low oil prices, and news of a pre-emptive production rate cut from Saudi Arabia ahead of next week’s OPEC meeting, led to a crude oil bounce early in the morning. After climbing almost $2.50/bbl over Friday’s settlements, both January WTI and January Brent fell back to a gain of around $1.90/bbl

NAPHTHA: Open spec spot cargoes were assessed in a $247-257/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $17/tonne on the buy-side of the range set at the end of trading on Friday. January swaps were pegged at $247-249/tonne CIF NWE.

BENZENE: Buyers were heard at $195/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) for December and $230/tonne CIF ARA for January with sellers pegged at respective offer levels of $210/tonne CIF ARA and $250/tonne CIF ARA.

STYRENE: January was talked at $520-535/tonne FOB (free on board) Rotterdam with December seen at around the same level in an extremely quiet start to the week.

TOLUENE: No bids or offers were heard, and the market was pegged at $380-420/tonne FOB Rotterdam on the basis of current spot gasoline values, up $20/tonne from the previous week’s close.

MTBE: One bid for MTBE was heard at a factor of 1.47 against December gasoline barges FOB (free on board) AR (Amsterdam, Rotterdam). Gasoline traded over the morning between $333-335/tonne FOB AR, pegging the MTBE bid between $490-492/tonne FOB AR.

XYLENES: No new numbers were heard on the PX market on Monday morning and price levels were unchanged at $500-540/tonne FOB Rotterdam.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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