EVENING SNAPSHOT - Europe Markets Summary

06 July 2009 17:17  [Source: ICIS news]

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

CRUDE: August WTI: $64.25/bbl, down $2.48/bbl vs last Thursday’s close. August BRENT: $64.10/bbl, down $1.51/bbl

Having earlier fallen to the lowest levels since the end of May due to gloomy economic forecasts, prices regained a little ground but were still deemed likely to fall further over the coming days.

NAPHTHA: Open-spec spot cargoes were assessed in a $569-571/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up by $29/tonne CIF NWE on the buy side of the range set earlier in the day. July swaps were pegged at $557-558/tonne CIF NWE. A deal was heard at $570/tonne CFR Rotterdam, delivery 16-20 July.

BENZENE: July benzene was talked at $840-865/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) this afternoon, down from previous buy/sell indications due to falling crude values. August was still in backwardation at $825-840/tonne.

STYRENE: July styrene was heard at $1,020-1,050/tonne FOB (free on board) Rotterdam this afternoon, down from the previous range due to falling upstream costs. August values were talked flat with July.

TOLUENE: Buying interest for July toluene was heard today at a $65/tonne premium over gasoline, but there were no corresponding offers. The range was pegged at $650-700/tonne FOB Rotterdam.

MTBE: During the afternoon, MTBE did not trade. Offers were left at $760-762/tonne FOB (free on board) AR (Amsterdam, Rotterdam) for loading 15 days forward. There were no bids. Gasoline traded at $584-585/tonne FOB AR, pegging a factor for the offers at 1.30 against gasoline cash barges, and 1.28 against the July gasoline swap price.

XYLENES: There were no firm buy/sell indications for paraxylene this afternoon, 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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