07 January 2009 17:00 [Source: ICIS news]
LONDON (ICIS news)--Here is Wednesday's end-of-day European oil and chemical market summary from ICIS pricing.
CRUDE: February WTI: $45.05/bbl, down $3.53/bbl. February BRENT: $48.14/bbl, down $2.39/bbl
NYMEX and Brent saw a clear reverse in trend to trade more than $2/bbl down from Tuesday. The recent upward direction over the ongoing tensions in the Middle East, Russia’s gas supply cuts to Ukraine and OPEC’s output reductions was countered by another set of negative US job data and the US weekly inventory statistics, which showed much larger-than-expected builds in oil, gasoline and distillates.
NAPHTHA: Open-spec spot cargoes were assessed in a $307-317/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down $26/tonne on the buy-side of the range set earlier in the day. January swaps were pegged at $307-309/tonne CIF NWE.
BENZENE: January benzene levels dropped notionally to $260-280/tonne CIF ARA (?xml:namespace>
STYRENE: Rumours were ongoing that two trades took place yesterday and today at $690/tonne FOB (free on board)
TOLUENE: A deal for January loading European toluene was rumoured this afternoon at $445/tonne FOB
MTBE: MTBE traded at $459/tonne
XYLENES: Bids for January loading PX were heard today at $600/tonne FOB
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