EVENING SNAPSHOT - Europe Markets Summary

09 June 2009 17:00  [Source: ICIS news]

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

CRUDE: July WTI: $69.06/bbl, up $0.97/bbl. July BRENT: $68.94/bbl, up $1.06/bbl

A weaker US Dollar helped boost prices back up to around $69.00/bbl, but they struggled to hold there in fairly volatile trading.

NAPHTHA: Open spec spot cargoes were assessed in a $540-550/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. June swaps were pegged at $540-541/tonne CIF NWE.

BENZENE: Several June deals were done in the afternoon up to $830/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), higher in line with rising crude. June was pegged at $825-840/tonne and July was talked at $790-805/tonne.

STYRENE: A June styrene deal was done at $975/tonne FOB (free on board) Rotterdam, from trade to industry, up more than $30/tonne from this morning in line with higher upstream values. By the close of business, June was talked at $955-985/tonne and July at $960-990/tonne.

TOLUENE: Bids and offers for June-loading toluene were heard this afternoon at $720-740/tonne FOB Rotterdam, the buy side down by $10/tonne from previous levels.

MTBE: During the afternoon MTBE traded three times. A trader sold two parcels, one at $876/tonne for 16-20 June loading and one at $874/tonne for 16-20 June loading. A separate trader sold at $868/tonne for 20-24 June loading. All three were bought on a free on board (FOB) Amsterdam, Rotterdam (AR) basis and by separate end users. Gasoline traded during the afternoon at $664-675/tonne FOB AR, placing the factor for the trades at 1.30-1.31 against gasoline cash barges.

XYLENES: The paraxylene market remained quiet, with no firm bids or offers heard this afternoon. The range was stable at $970-990/tonne FOB Rotterdam.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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