EVENING SNAPSHOT - Europe Markets Summary

02 July 2009 17:16  [Source: ICIS news]

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

CRUDE: August WTI: $66.80/bbl, down $2.51/bbl. August BRENT: $66.67/bbl, down $2.12/bbl

The markets continued to lose ground during the afternoon session, with Brent and WTI front-month contracts trading more than $2/bbl down. The firming US dollar and the US stock figures from earlier in the week, which showed a larger-than-expected build on products, were the main factors pushing prices down.

NAPHTHA: Open-spec spot cargoes were assessed in a $569-579/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up by $3/tonne on the buy side of the range set earlier in the day. July swaps were pegged at $562-563/tonne CIF NWE. One bid was heard in the afternoon at $569/tonne CFR (cost and freight) Rotterdam, for 12-16 July delivery.

BENZENE: A trade for July benzene was heard this afternoon at $960/tonne. The range was adjusted to $950-970/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) to reflect this. Several deals for August were also heard this afternoon at $900/tonne, $910/tonne and $920/tonne.

STYRENE: Several trades for July were heard this afternoon at $1,065/tonne and $1,070/tonne. The range was adjusted to $1,060-1,070/tonne FOB Rotterdam.

TOLUENE: Bids and offers for July toluene were heard this afternoon at $685-742/tonne FOB Rotterdam, up from the previous range by $12/tonne on the sell side.

MTBE: Offers in the window were heard at $825/tonne. Gasoline traded at $607-614.50/tonne FOB AR (Amsterdam, Rotterdam) in the afternoon, putting the MTBE factor against gasoline cash barges at 1.34-1.35.

XYLENES: The paraxylene market remained quiet this afternoon, with no firm bids or offers heard. The range was stable at $840-870/tonne FOB Rotterdam.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
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