EVENING SNAPSHOT - Europe Markets Summary

16 June 2009 17:16  [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: $71.93/bbl, up $1.31/bbl. August BRENT: $71.67/bbl, up $1.43/bbl

Crude futures continued to move up through the afternoon in tandem with the weakness in the US dollar. At one point, both WTI and Brent front-month contracts were showing gains of more than $2/bbl.

NAPHTHA: Open-spec spot cargoes were assessed in a $593-595/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $2/tonne CIF NWE on the buy side of the range set earlier in the day. July swaps were pegged at $591-592/tonne CIF NWE. One deal was heard in the afternoon at $594/tonne CF Rotterdam.

BENZENE: European benzene went down again, and players talked June at $825-845/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) and July at $810-820/tonne.

STYRENE: A June European styrene deal was done at $940/tonne FOB (free on board) Rotterdam from industry to trade. Two July deals were reportedly done at $960/tonne, one from industry to trade and the other one was unclear. Players talked June at $935-945/tonne and July at $950-970/tonne.

TOLUENE: Bids and offers for June were heard this afternoon at $760-785/tonne FOB Rotterdam, which was up due to higher crude and gasoline numbers.

MTBE: During the afternoon MTBE traded three times. A trader sold two parcels of 1,000 tonnes to an end-user, both at $930/tonne FOB AR (Amsterdam, Rotterdam) loading 23-27 June. A trader sold 1,000 tonnes to a producer for $940/tonne FOB AR loading 19-23 June. Gasoline traded between $733-743/tonne FOB AR, putting the factor for the trades at 1.27 against gasoline cash barges.

XYLENES: There were no firm bids or offers for paraxylene this afternoon, and the range was unchanged at $870-890/tonne FOB Rotterdam.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
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