NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: June WTI: $51.80/bbl, up $0.83/bbl. June BRENT: $51.38/bbl, up $0.60/bbl

Prices continued to rise in tandem with buoyant global stock markets, with a weaker US dollar also adding support.

NAPHTHA: Open-spec spot cargoes were assessed in a $412-422/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $4/tonne on the buy side of the range set at the end of trading on Wednesday. May swaps were pegged at $412-413/tonne CIF NWE.

BENZENE: One European May benzene deal was rumoured at $580/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), pegging May at $580-590/tonne. June bids and offers were notionally assessed at $580-600/tonne.

STYRENE: European May styrene values were assessed at $820-850/tonne FOB (free on board) Rotterdam and June levels were so far absent.

TOLUENE: Bids and offers for May toluene were heard this morning at $525-545/tonne FOB Rotterdam, with the offer level down by $10/tonne from the previous close.

MTBE: Bids were heard in the morning at a factor of 1.31 and offers at 1.35, with market sources saying that the factors should come off. Gasoline barges traded between $488-490/tonne FOB AR (Amsterdam, Rotterdam), pegging a flat price for the bid/offer range at $639-662/tonne FOB AR.

XYLENES: Offers for May paraxylene were heard this morning at $1,120/tonne CIF Rotterdam, but no bids were forthcoming. The value range was adjusted to $1,000-1,030/tonne FOB Rotterdam in order to reflect this.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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