02 July 2009 12:00 [Source: ICIS news]
LONDON (ICIS news)--Here is Thursday’s midday European oil and chemical market summary from ICIS pricing.
CRUDE: August WTI: $67.89/bbl, down $1.42/bbl. August BRENT: $67.56/bbl, down $1.23/bbl
The oil markets extended the losses from the previous day on the back the weekly US data puslished on Wednesday showing a larger than expected build on products inventories. A firmer dollar during the morning session pushed prices down even further, with both WTI and Brent front month contracts trading more than $1/bbl down from the previous closes.
NAPHTHA: Open spec spot cargoes were assessed in a $566-576/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down by $10/tonne on the buy side of the range set at the end of trading on Wednesday. July swaps were pegged at $567-568/tonne CIF NWE.
BENZENE: The market was thin this morning, with no firm business heard. July was valued at $935-970/tonne while August was talked in backwardation at $895-920/tonne CIF ARA (?xml:namespace>
STYRENE: A deal for July cargo was reported late yesterday at $1,060/tonne. The range was adjusted to $1,055-1,065/tonne FOB (free on board) Rotterdam to reflect this.
TOLUENE: Bids for July were heard this morning at $685/tonne, down from previous buy/sell ideas due to falling gasoline and crude numbers. The range was pegged at $685-730/tonne FOB Rotterdam.
MTBE: Bids and offers were heard in the morning at 1.28-1.32 as a factor against gasoline barges. Gasoline traded in the morning at $617-625/tonne FOB AR (Amsterdam, Rotterdam) placing the flat price range for MTBE at $790-825/tonne FOB AR.
XYLENES: The paraxylene market remained quiet this morning, with no bids or offers heard. The range was stable at $840-870/tonne FOB Rotterdam.
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