EVENING SNAPSHOT - Europe Markets Summary

05 January 2009 17:00  [Source: ICIS news]

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

CRUDE: February WTI: $47.00/bbl, up $0.66/bbl. February BRENT: $47.48/bbl, up $0.57/bbl

Oil futures lacked direction during the afternoon. Brent moved into negative territory to reach a new low of $46.31/bbl and bounced back to hit a high of $48.71/bbl before coming off again to around $47.55/bbl. The upward pressure was due to the heightened tension over the Middle East situation and reductions in the supply of Russian gas. This was countered by a stronger US dollar.

NAPHTHA: Open-spec spot cargoes were assessed in a $340-350/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $1/tonne on the buy-side of the range set earlier in the day. January swaps were pegged at $340-342/tonne CIF NWE.

BENZENE: European benzene was talked higher in a thin market at $250-270/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), up $15-20/tonne from this morning's numbers.

STYRENE: Players talked European styrene in a wide range this afternoon, but consensus was found in a bid/offer range at $640-660/tonne FOB (free on board) Rotterdam for non-EU material, up $10-20/tonne from earlier levels. Material with origin in Europe was offered higher, at above the $700/tonne level.

TOLUENE: The upturn in gasoline values saw bids and offers for January loading toluene reach $400-427/tonne FOB Rotterdam today, up $20-27/tonne from the previous close.

MTBE: In the afternoon, offers began as high as $587/tonne FOB AR (Amsterdam, Rotterdam) for delivery 8-20 January in open market, before sliding to $574/tonne FOB AR. No bids were heard. Gasoline traded between $382-384/tonne FOB AR, pegging the factor value of the offers between 1.50-1.53.

XYLENES: In the absence of any firm bids or offers today, European paraxylene values remained notionally stable 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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