NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: January WTI: $45.52/bbl, up $2.00/bbl. January BRENT: $44.70/bbl, up $2.30/bbl

Oil futures extended gains from the previous day. NYMEX and Brent moved up steadily during the morning session to post an increase of more than $2/bbl from Wednesday. Driving factors were reports on US government automotive industry rescue plans, expectations that OPEC would cut supply at its next meeting on 17 December, and the fall of the dollar against the euro.

NAPHTHA: Open spec spot cargoes were assessed in a $284-294/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $24/tonne on the buy side of the range set at the end of trading on Wednesday. January swaps were pegged at $284-287/tonne CIF NWE.

BENZENE: No new deals were heard on benzene on Thursday morning. In a thin market December was talked at $230-240/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), while January was valued at $250-280/tonne CIF ARA.

STYRENE: An inter trade deal was reported from yesterday at $540/tonne FOB (free on board) Rotterdam for December, with the seller’s confirmation pending. December was valued stable at $520-550/tonne FOB Rotterdam. January was valued at $540-570/tonne FOB Rotterdam.

TOLUENE: European toluene levels were talked within a $410-430/tonne FOB Rotterdam range, with all eyes on upstream crude and gasoline.

MTBE: There was one trade heard on MTBE in the morning, at a factor of 1.49 against gasoline barges FOB (free on board) AR (Amsterdam Rotterdam). Gasoline traded over the morning between $327-345/tonne FOB AR, pegging a range for the deal at $487-514/tonne FOB AR.

XYLENES: The paraxylene (PX) market remained notionally stable at $520-540/tonne FOB Rotterdam.

($1 = €0.77)

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By: Staff Reporter
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