NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: February WTI: $48.40/bbl, down $0.18/bbl. February BRENT: $50.85/bbl, up $0.32/bbl

The markets recouped ground lost earlier when it was announced that Israel and Hamas were studying a proposal for a ceasefire in Gaza. However, the disruption of Russian gas supplies to Europe was spreading, with no sign of an end to the dispute with the Ukraine. The weekly US stock figures were predicted to show builds on crude and products.

NAPHTHA: Open spec spot cargoes were assessed in a $333-343/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down $17/tonne on the buy side of the range set at the end of trading on Tuesday. January swaps were pegged at $333-335/tonne CIF NWE.  

BENZENE: Two January deals from industry trader to trade, were reported at $290/tonne, leaving January levels unchanged at $280-290/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp). February was talked higher with a firm bid at $300/tonne CIF ARA.

STYRENE: A January deal was rumoured at $690/tonne from yesterday. Today, a January offer was firm at $710/tonne, pegging January levels at $690-710/tonne FOB (free on board) Rotterdam, down $5/tonne on the bid side from yesterday. February was talked lower with an offer at $700/tonne FOB Rotterdam.

TOLUENE: A deal for January loading was rumoured this morning at $445/tonne FOB Rotterdam. The value range remains stable at $435-445/tonne.

MTBE: Bids were heard at a factor over gasoline of 1.20 this morning. No offers were heard but market participants pegged the offer level around 1.30-1.35 based on yesterday’s trades. Gasoline traded between $395-401/tonne FOB AR (Amsterdam Rotterdam), pegging flat prices for MTBE between $474-541/tonne FOB AR.

XYLENES: Bids for January loading PX were heard at $600/tonne FOB Rotterdam this morning, up $60-100/tonne from previous levels due to rising prices for PX in Asia. The value range was notionally pegged at $600-620/tonne.

For more pricing intelligence please visit ICIS pricing

($1 = €0.74)

By: Staff Reporter
+44 20 8652 3214

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