NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: February WTI: $41.28/bbl, down $0.42/bbl. February BRENT: $44.55/bbl, down $0.12/bbl

The markets gave back earlier gains posted when Saudi Arabia announced further supply cuts in February, as traders turned their attention to US jobs data due to be announced later, which was expected to add further gloom to the economic outlook.

NAPHTHA: Open spec spot cargoes were assessed in a $312-322/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $18/tonne on the buy side of the range set at the end of trading on Thursday. January swaps were pegged at $313-315/tonne CIF NWE.

BENZENE: European values for January were talked at $265-285/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp). The market appeared in clear contango, as bids and offers for February were higher at $300-320/tonne, and March at $310-345/tonne CIF ARA.

STYRENE: The market saw offers dropping by $10/tonne for material with any origin to $690/tonne, pegging new January levels at $680-690/tonne FOB (free on board) Rotterdam. February bids and offers were seen at $660-675/tonne. February deals from yesterday were reported between $660-680/tonne FOB Rotterdam. EU material was offered at a premium of approximately $20/tonne.

TOLUENE: Firm bids and offers were heard this morning for toluene for the first half of January at $405-430/tonne FOB Rotterdam, up $5-10/tonne from previous levels due to value gains on gasoline.

MTBE: A trade was reported at $463/tonne FOB AR (Amsterdam Rotterdam) between a trader and a blender for 2,000 tonnes, delivery balance of January. Gasoline traded between $369-372/tonne FOB AR, pegging the factor for the trade between 1.24-1.25.

XYLENES: There were no firm bids or offers heard this morning for paraxylene, as players awaited a January contract settlement. Spot values remained notionally stable at $600-620/tonne FOB Rotterdam.

($1=€0.73)

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By: Staff Reporter
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