EVENING SNAPSHOT - Europe Markets Summary

12 January 2009 17:00  [Source: ICIS news]

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

CRUDE: February WTI: $37.97/bbl, down $2.86/bbl. February BRENT: $42.40/bbl, down $2.02/bbl

The global economic crisis continued to outweigh supply-side concerns, sending the markets further down into negative territory. The NYMEX February contract fell further than its Brent counterpart to trade well below $40/bbl, widening the spread between the two markets to more than $3/bbl.

NAPHTHA: Open-spec spot cargoes were assessed in a $340-350/tonne CIF (cost, insurance and freight) NWE (northwest) Europe range, up $21/tonne on the buy-side of the range set earlier in the day. February swaps were pegged at $340-342/tonne CIF NWE.

BENZENE: European January benzene values dropped on weak demand to $245-265/tonne, down $5-15/tonne from earlier January levels. February offers also dropped during the day by $10/tonne, pegging a new February range at $280-295/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp). March was talked at $290-320/tonne CIF ARA.

STYRENE: Another January styrene inter-trade deal was rumoured at $685/tonne FOB (free on board) Rotterdam for European material. January offers for material with any origin were talked at $680/tonne. January values were pegged at $675-685/tonne. February bids and offers were stable around $610-655/tonne.

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. Further bids and offers were heard at $410-430/tonne FOB Antwerp this afternoon, and the range of bids and offers heard for prompt loading material (14/15 January) was $405-420/tonne FOB Rotterdam, down $10/tonne from previous levels.

MTBE: Bids and offers started at $450-470/tonne FOB AR (Amsterdam, Rotterdam). MTBE then traded at $465/tonne FOB AR between a trader and a blender. Gasoline traded at $370-374/tonne FOB AR, pegging the factor for the trade at 1.24-1.26.

XYLENES: In the absence of any firm bids or offers in the market today, values for January loading paraxylene remained notionally pegged at $600-620/tonne FOB Rotterdam. An initial PX contract price for January has been agreed upon at €500/tonne, a reduction of €25/tonne from the December contract price of €525/tonne FOB Rotterdam. This price was confirmed by one producer and one buyer. Further confirmation from other players was pending.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
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