EVENING SNAPSHOT - Europe Markets Summary

27 April 2009 18:16  [Source: ICIS news]

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

CRUDE: June WTI: $49.90/bbl, down $1.65/bbl. June BRENT: $50.10/bbl, down $1.57/bbl

Having fallen steadily through the European morning and in early US trading on fears that the swine flu outbreak in Mexico could become a global pandemic, ruining hopes of an early economic recovery, prices finally found some support and regained some of the lost ground.

NAPHTHA: Open spec spot cargoes were assessed in a $405-415/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $5/tonne on the buy side of the range set earlier in the day. May swaps were pegged at $405-407/tonne CIF NWE.

BENZENE: There were no firm bids or offers heard for benzene this afternoon, as price ideas in the market continued to hover around $585/tonne. The value range remained pegged at $575-595/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp).

STYRENE: Bids and offers for May styrene were heard this afternoon at $850-900/tonne FOB (free on board) Rotterdam, the bid value down from previous levels due to energy complex losses.

TOLUENE: Bids and offers for May-loading cargo were heard this afternoon at $525-555/tonne FOB Rotterdam, the value range up by $5-15/tonne from previous levels due to stronger gasoline prices.

MTBE: There was one bid but no offers during open market trading. The best bid was $595/tonne FOB AR for 30 April-10 May. Gasoline barges traded between $468-471/tonne FOB AR in the afternoon, pegging the factor for the above bid against cash barges between 1.26/1.27.

XYLENES: There were no firm bids or offers heard for paraxylene this afternoon, and the value range was notionally brought down by $10/tonne to $970-1,010/tonne FOB Rotterdam due to a lack of buying interest.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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