NOON SNAPSHOT - Europe Markets Summary

05 January 2009 12:00  [Source: ICIS news]

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

CRUDE: February WTI: $47.05/bbl, up $0.71/bbl. February BRENT: $47.62/bbl, up $0.71/bbl

The market eased back from early highs set on the back of concerns over the situation in the Middle East and cuts in supplies of Russian gas.

NAPHTHA: Open spec spot cargoes were assessed in a $339-349/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $45/tonne on the buy side of the range set at the end of trading on Friday. January swaps were pegged at $339-341/tonne CIF NWE.

BENZENE: Europe January benzene was offered lower at $255/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), while bids were more notional around $230/tonne CIF ARA. The new range is down by $20-25/tonne from previous levels.

STYRENE: The European styrene market was quiet, with bids and offers for non European material notionally stable at $620-650/tonne FOB (free on board) Rotterdam. Material with a European origin was talked at a premium of $40-50/tonne approximately.

TOLUENE: Bids for European toluene were heard this morning at $380/tonne FOB Rotterdam. However, no firm offers were heard.

MTBE: An offer was heard for January delivered MTBE at a factor of 1.55 this morning, but no bids were heard. Gasoline traded between $368-380/tonne FOB AR (Amsterdam Rotterdam), pegging the flat price for the offer at $570-589/tonne FOB AR. Bids were assessed notionally around a factor of 1.50, which would be between $552-570/tonne FOB AR using the above gasoline numbers.

XYLENES: In the absence of any firm bids or offers this morning, European prices remained notionally stable at $500-540/tonne FOB Rotterdam.

For more pricing intelligence please visit ICIS pricing

($1 = €0.72)

By: Staff Reporter
+44 20 8652 3214

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