NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: February WTI: $43.25/bbl, up $0.62/bbl. February BRENT: $46.96/bbl, up $1.10/bbl

The markets regained a little ground following the massive sell-off the previous day after the weekly US stock figures revealed much larger than anticipated builds on crude, gasoline and distillates.

NAPHTHA: Open spec spot cargoes were assessed in a $314-324/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $7/tonne on the buy side of the range set at the end of trading on Wednesday. January swaps were pegged at $314-316/tonne CIF NWE.

BENZENE: European January bids and offers dropped $5/tonne from previous levels to $255-275/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp). The market was in clear contango, as a firm February bid was heard at $275/tonne, and a March bid at $305/tonne CIF ARA.

STYRENE: The market was notionally quiet and players pegged January levels around $690-710/tonne FOB (free on board) Rotterdam. A February offer was heard lower at $680/tonne.

TOLUENE: Offers for January loading were at $440/tonne FOB Rotterdam, but no bids were heard. The value range was notionally pegged at $400-440/tonne, reflecting the drop in gasoline prices this morning.

MTBE: Product was bid and offered between 1.20 and 1.30 this morning. Gasoline traded at $365/tonne FOB AR, pegging flat MTBE prices between $438-475/tonne FOB AR.

XYLENES: In the absence of any firm bids or offers for January loading PX, values remained notionally pegged at $600-620/tonne FOB Rotterdam.

($1= €0.74)

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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