NOON SNAPSHOT - Europe Markets Summary

06 July 2009 12:00  [Source: ICIS news]

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

CRUDE: August WTI: $63.80/bbl, down $2.93/bbl. August BRENT: $63.72/bbl, down $1.89/bbl

Crude oil prices fell after further poor economic data revealed unemployment in the eurozone was the highest in a decade. The falls came despite further rebel attacks on oil installations in Nigeria.

NAPHTHA: Open-spec spot cargoes were assessed in a $540-550/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down by $19/tonne on the buy side of the range set at the end of trading on 3 July. July swaps were pegged at $541-542/tonne CIF NWE.

BENZENE: Bids and offers for July benzene were heard this morning at $885-920/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), down from the previous close due to falling crude and gasoline values. August remained backwardated, with a range of $850-890/tonne heard.

STYRENE: The styrene market remained quiet this morning. Offers were heard at $1,100/tonne, down from previous buying ideas, but no bids were forthcoming. The range was pegged at $1,070-1,100/tonne FOB (free on board) Rotterdam. August continued to be pegged flat with July.

TOLUENE: The toluene market was quiet this morning, with no firm buy/sell ideas heard. The range was unchanged at $685-742/tonne FOB Rotterdam.

MTBE: MTBE barges were offered at a factor of 1.29 to gasoline barges, sources said this morning. No bids were heard, and liquidity was extremely low. Gasoline traded in the morning at $577-580/tonne FOB (free on board) AR (Amsterdam, Rotterdam), pegging a flat price for the offer at $744-748/tonne FOB AR.

XYLENES: There were no bids and 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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