EVENING SNAPSHOT - Europe Markets Summary

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 (Amsterdam, Rotterdam, Antwerp), down $10-20/tonne from this morning, as a result of falling crude levels. February bids remained at $300/tonne CIF ARA.

STYRENE: Rumours were ongoing that two trades took place yesterday and today at $690/tonne FOB (free on board) Rotterdam, but confirmation was lacking. In the afternoon, styrene levels were assessed at $680-700/tonne FOB Rotterdam for January, down $10/tonne from this morning, while February offers were stable at $700/tonne FOB Rotterdam.

TOLUENE: A deal for January loading European toluene was rumoured this afternoon at $445/tonne FOB Rotterdam. Values remained pegged at $435-445/tonne.

MTBE: MTBE traded at $459/tonne FOB AR (Amsterdam, Rotterdam) inter-trade for delivery 12-22 January, for 1,000 tonnes. Gasoline traded between $376-381/tonne FOB AR, pegging the factor for this trade at between 1.20-1.22.

XYLENES: Bids for January loading PX were heard today at $600/tonne FOB Rotterdam, up $60-100/tonne from previous notional 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

By: Staff Reporter
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