NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: August WTI: $71.63/bbl, up $0.14/bbl. August BRENT: $71.10/bbl, up $0.11/bbl.

The oil markets were trading in positive territory as confidence of a recovery in the global economy returned and the US dollar lost ground.

NAPHTHA: Open-spec spot cargoes were assessed in a $592-602/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up by $6/tonne on the buy side of the range set at the end of trading on 29 June. July swaps were pegged at $592-594/tonne CIF NWE.

BENZENE: There were no confirmed deals heard for July benzene this morning. A range was heard at $910-930/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) for any July delivery.

STYRENE: A range for July styrene was heard this morning at $1,025-1,035/tonne FOB (free on board) Rotterdam, up from previous levels due to stronger energy values and upward sentiment ahead of the July benzene settlement.

TOLUENE: The toluene market was quiet this morning, and the range was unchanged at $720-740/tonne FOB Rotterdam.

MTBE: This morning’s offers were heard at a factor of 1.33 against gasoline cash barges. No bids were heard, but market sources notionally placed the buy side of the range at 1.28. Gasoline traded at $674/tonne FOB AR (Amsterdam, Rotterdam), placing the flat price range for MTBE at $863-896/tonne FOB AR.

XYLENES: There were no firm bids or offers heard for paraxylene this morning, and the range was stable at $840-870/tonne FOB Rotterdam.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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