EVENING SNAPSHOT - Europe Markets Summary

29 April 2009 17:01  [Source: ICIS news]

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

CRUDE: June WTI: $50.95/bbl, up $1.03/bbl. June BRENT: $50.85/bbl, up $0.86/bbl

Despite US crude stocks showing gains for the eighth week in a row to rise to a new 19-year high, prices continued to hold earlier gains posted on buoyant stock markets.

NAPHTHA: Open-spec spot cargoes were assessed in a $408-412/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down $1/tonne the buy side of the range set earlier in the day. May swaps were pegged at $408-409/tonne CIF NWE. One offer was heard during the afternoon at $412/tonne C&F (cost and freight) Rotterdam, 9-13 May for 12,500 tonnes.

BENZENE: Several May benzene deals were done between $570-590/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), bringing the average of today’s deals to $580/tonne, compared with April’s contract price, which settled at $503/tonne, or €381/tonne.

STYRENE: One May styrene deal was rumoured at $850/tonne FOB (free on board) Rotterdam. Notionally, the range was pegged at $830-860/tonne in the afternoon.

TOLUENE: There were no firm bids or offers heard for toluene this afternoon, and the value range remained stable at $525-555/tonne FOB Rotterdam.

MTBE: There were no MTBE deals heard in the afternoon, and the bid/offer range at the end of open market trading was $631-640/tonne FOB AR (Amsterdam, Rotterdam). The gasoline swap for May was $474/tonne FOB AR, pegging a factor range against the bid offer range between 1.33-1.35.

XYLENES: The paraxylene market remained quiet, with no firm bids or offers heard. However, an initial May settlement was heard at €795/tonne ($1,046/tonne) this afternoon, and the value range was notionally raised to $990-1,020/tonne FOB Rotterdam to reflect this.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
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