NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: February WTI: $49.70/bbl, up $0.89/bbl. February BRENT: $51.00/bbl, up $1.38/bbl

Prices continued to rise as Russia cut gas supplies to the Ukraine, which also affected supplies to some European countries, and fighting continued in Gaza.

NAPHTHA: Open-spec spot cargoes were assessed in a $353-363/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $13/tonne on the buy-side of the range set at the end of trading on Monday. January swaps were pegged at $353-356/tonne CIF NWE.

BENZENE: Bids and offers for January were $10/tonne higher on both sides this morning due to higher crude levels. The new range was pegged at $260-280/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp).

STYRENE: Two January deals were rumoured from yesterday at $650/tonne and $660/tonne FOB (free on board) Rotterdam, both were said to be inter-trade deals. The new range was adjusted accordingly to $650-660/tonne FOB Rotterdam, up $10/tonne on the bid-side from yesterday.

TOLUENE: Buy/sell indications for January loading toluene were talked up to $410-430/tonne FOB Rotterdam this morning, an increase of $3-10/tonne from the previous close.

MTBE: The factor value of MTBE came off this morning after a number of strong weeks. Bids and offers were between 1.30-1.50 at the start of the day, coming down rapidly to 1.30-1.40 by midday amid a flurry of selling activity. Gasoline traded between $390-401/tonne FOB AR (Amsterdam, Rotterdam), pegging flat values between $507-561/tonne FOB AR at the end of the morning.

XYLENES: In the absence of any firm bids or offers this morning, values for January paraxylene remained 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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