EVENING SNAPSHOT - Europe Markets Summary

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

CRUDE: February WTI: $48.84/bbl, up $0.03/bbl. February BRENT: $50.57/bbl, up $0.95/bbl

Having rallied to hit a new high of the day above $52/bbl, February Brent lost most of the gains and was trading just above Monday’s settle. A stronger dollar and weak demand from the global recession countered the upwards pressure from OPEC’s production cuts, Russia’s decision to cut gas supplies and tensions in the Middle East.

NAPHTHA: Open spec spot cargoes were assessed in a $350-360/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down $3/tonne on the buy side of the range set earlier in the day. January swaps were pegged at $350-353/tonne CIF NWE.

BENZENE: Several European inter-trade deals were reported and confirmed between $280-290/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) for January this afternoon. Values for this month were adjusted accordingly, up $10-20/tonne from previous levels.

STYRENE: Levels were seen higher in the afternoon, on the back of crude hikes, between $695-710/tonne FOB (free on board) Rotterdam for material with any origin. EU material was talked at a premium of approximately $20-30/tonne over other material.

TOLUENE: A deal for January loading was reported this afternoon at $435/tonne FOB Rotterdam. The value range was talked up to $435-445/tonne, $5-35/tonne higher than this morning's level.

MTBE: In the afternoon product traded at $500/tonne FOB AR (Amsterdam Rotterdam) and $507/tonne FOB AR, between the same trade seller and two different trade buyers for delivery 9-21 January, each for 1,000 tonnes. Gasoline traded between $398-405/tonne FOB AR, pegging the factor for the trades between 1.25-1.26.

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

$1 = €0.74

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