NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: February WTI: $38.58/bbl, down $2.25/bbl. February BRENT: $42.60/bbl, down $1.82/bbl

Prices fell sharply on reports that Russia was preparing to resume gas supplies to Europe following the apparent resolution of its dispute with Ukraine.

NAPHTHA: Open-spec spot cargoes were assessed in a $319-329/tonne CIF (cost, insurance and freight) NWE (northwest) Europe range, up $14/tonne on the buy-side of the range set at the end of trading on Friday. February swaps were pegged at $319-321/tonne CIF NWE. There was a noted increase in open market activity in the morning, with bids heard with the crack spread up to minus $8.10/bbl.

BENZENE: European January offers were heard at $270/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), down by $15/tonne from Friday's close. January bids and offers were pegged at $260-270/tonne. February offers were heard at $305/tonne, down $15/tonne from previous levels. Buyers were absent for the moment.

STYRENE: One January inter-trade deal for European material was confirmed at $685/tonne FOB (free on board) Rotterdam, clearly bringing European material down from last week, when an EU deal was confirmed at $705/tonne. Offers for any origin for January stayed stable at $680/tonne. February was talked between $610-655/tonne FOB Rotterdam.

TOLUENE: Firm bids and offers were heard for January loading toluene this morning at $415-430/tonne FOB Rotterdam, within the previous value range of $410-435/tonne.

MTBE: MTBE was bid at a factor over gasoline of 1.24 by a blender. No offers were heard. Gasoline traded between $369-371/tonne FOB AR (Amsterdam, Rotterdam), pegging the flat price for the bid at $458-460/tonne FOB AR.

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

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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