NOON SNAPSHOT - Europe Markets Summary

28 April 2009 12:00  [Source: ICIS news]

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

CRUDE: June WTI: $48.87/bbl, down $1.27bbl. June BRENT: $49.23/bbl, down $1.09/bbl

The markets continued to move down below the $50/bbl mark. Oil prices were reacting to the negative effect seen in the stock markets over worries that the swine flu could delay a global economic recovery.

NAPHTHA: Open spec spot cargoes were assessed in a $398-408/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down $7/tonne on the buy side of the range set at the end of trading on Monday. May swaps were pegged at $398-400/tonne CIF NWE.

BENZENE: Several trades for May were heard this morning at $570/tonne. The value range was adjusted to $560-580/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), down from previous levels due to energy complex losses.

STYRENE: The market remained quiet this morning. Offers for May cargo were heard at $885/tonne and $890/tonne, but these were not met with any firm bids. The range was notionally pegged at $850-890/tonne FOB (free on board) Rotterdam.

TOLUENE: Bids for May cargo were heard this morning at $525/tonne, but no offers were forthcoming. The value range remained pegged notionally at $525-555/tonne FOB Rotterdam.

MTBE: Bids were heard this morning at 1.25 but there were no offers. A notional offer level was assessed at 1.30. Market sources reported a tighntess in the market and a lack of sellers. Factors were said to be low, and not representative of the true market. Gasoline barges traded between $465-472/tonne FOB AR, pegging a flat price for the bid at $581/tonne FOB AR. The notional offer flat price was pegged at $614/tonne FOB AR.

XYLENES: The paraxylene market remained quiet this morning, with no firm bids or offers heard. The value range was unchanged at $970-1,010/tonne FOB Rotterdam.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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