NOON SNAPSHOT - Europe Markets Summary

10 June 2009 12:00  [Source: ICIS news]

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

CRUDE: July WTI: $71.08/bbl, up $1.07/bbl. July BRENT: $70.57/bbl, up $0.95/bbl

Prices rose to new eight-month highs after the US stock data published late on Tuesday by the American Petroleum Institute (API) showed a much-larger-than-expected draw on crude stocks. Further data from the US Government’s Energy Information Administration (EIA) will be published later in the day.

NAPHTHA: Open spec spot cargoes were assessed in a $559-569/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $19/tonne CIF NWE on the buy side of the range set on Tuesday evening. June swaps were pegged at $559-560/tonne CIF NWE.

BENZENE: June Europe benzene numbers opened higher by approximately $40/tonne in line with rising crude and US numbers. Throughout the morning, however, June levels fell slightly to $850-870/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) as the market remained thin. July was lower at around $810-840/tonne.

STYRENE: Styrene levels were pegged at $960-990/tonne FOB (free on board) Rotterdam for June, while July was assessed in a slight contango.

TOLUENE: The toluene market remained quiet this morning, with no firm bids or offers for material heard. The range was unchanged at $720-740/tonne FOB Rotterdam.

MTBE: There was no activity this morning in the market. A notional factor range was placed between 1.28-1.33, with values around 1.310-1.315. Gasoline traded at $691-698/tonne FOB AR during the morning, pegging a flat price for the range at $885-928/tonne FOB AR against gasoline cash barges.

XYLENES: There were no firm bids or offers heard for paraxylene this morning. The range was notionally raised to $990-1,010/tonne due to higher upstream costs and the weakening US dollar.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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