EVENING SNAPSHOT - Europe Markets Summary

08 January 2009 17:06  [Source: ICIS news]

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

CRUDE: February WTI: $40.94/bbl, down $1.69/bbl. February BRENT: $44.33/bbl, down $1.53/bbl

Having gained more than $1/bbl on supply worries earlier in the day, prices retreated to trade more than $1/bbl in negative territory as the global economic crisis once again took centre stage. The markets were reacting to some worrisome statistics, particularly from the US where another set of negative job data was followed by gloomy retail figures for December.

NAPHTHA: Open spec spot cargoes were assessed in a $294-304/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down $20/tonne on the buy side of the range set earlier in the day. January swaps were pegged at $294-296/tonne CIF NWE.

BENZENE: One January benzene deal was reported at $270/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), sold by an industry trader. January levels were changed to $270-280/tonne CIF ARA, up $5-15/tonne from previously. February bids and offers were at $275-300/tonne CIF ARA.

STYRENE: Two European styrene deals for February were reported at $680/tonne FOB (free on board) Rotterdam, both from trade to industry. January bids and offers were talked at $680-700/tonne, down $10/tonne from previous January levels.

TOLUENE: Firm bids and offers were heard for January loading toluene at $400-420/tonne FOB Rotterdam this afternoon, down $20/tonne from previous levels due to falling gasoline values.

MTBE: In a quiet afternoon, only one MTBE trade was heard, at $435/tonne FOB AR. Gasoline traded in the afternoon between $354-368/tonne FO AR, pegging a factor range for the offer between 1.23 and 1.18 against gasoline barges.

XYLENES: The paraxylene market was quiet this afternoon. In the absence of any firm bids or offers for January loading material, values remained notionally stable 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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