EVENING SNAPSHOT - Europe Markets Summary

10 June 2009 17:06  [Source: ICIS news]

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

CRUDE: July WTI: $70.85/bbl, up $0.84/bbl. July BRENT: $70.32/bbl, up $0.70/bbl

Prices soared to new eight-month highs after the weekly US stock data from the Energy Information Administration (EIA) revealed a much larger-than-anticipated draw on crude stocks, as well as draws on gasoline and distillates, rather than the predicted builds. However, under pressure from a firmer US dollar, prices failed to hold the gains.

NAPHTHA: Open-spec spot cargoes were assessed in a $560-570/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $1/tonne CIF NWE on the buy side of the range set earlier in the day. June swaps were pegged at $560-561/tonne CIF NWE.

BENZENE: A June European benzene deal was done at $840/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) from industry trader to trade. June was pegged at $830-850/tonne and July at $800-820/tonne.

STYRENE: The European styrene market remained quiet. June levels fell notionally to $950-985/tonne FOB (free on board) Rotterdam, while July was pegged $10/tonne higher.

TOLUENE: Bids and offers for June toluene were heard this afternoon at $730-750/tonne FOB Rotterdam, up from previous levels due to higher upstream prices.

MTBE: During the afternoon MTBE traded once. A producer sold 1,000 tonnes to a trader for $910/tonne FOB AR (Amsterdam, Rotterdam) for 15-19 June loading. Gasoline traded during the afternoon at $693-705/tonne FOB AR, placing the factor for the trades at 1.29-1.31 against gasoline cash barges.

XYLENES: The paraxylene market remained quiet this afternoon, with no firm buy/sell ideas heard. Due to the ongoing lack of spot activity, the range was notionally brought down to $870-890/tonne FOB Rotterdam, pegging levels at a $100/tonne discount to current Asian prices.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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