NOON SNAPSHOT - Europe Markets Summary

07 July 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: $64.40/bbl, up $0.35/bbl. August BRENT: $64.45/bbl, up $0.40/bbl

After an initial fall, crude prices managed to push up into positive territory. The market was waiting for the first of the two weekly US stock reports from the American Petroleum Institute on Tuesday afternoon. Forecasts were for a crude draw of 2.2m bbl and a gasoline build of 0.8m bbl.

NAPHTHA: Open-spec spot cargoes were assessed in a $560-570/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down by $9/tonne on the buy side of the range set at the end of trading on 6 July. July swaps were pegged at $560-561/tonne CIF NWE.

BENZENE: Bids for July were heard this morning at $860/tonne, but no offers were forthcoming. The range was pegged at $860-880/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp). August remained in backwardation, with bids heard at $840/tonne.

STYRENE: Bids for July were heard this morning at $1,040/tonne, and a trade was heard late on 6 July at $1,045/tonne. Offers were initially pegged at $1,100/tonne, but the range narrowed later to $1,060-1,085/tonne FOB (free on board) Rotterdam.

TOLUENE: Bids and offers for July toluene continued to be heard at $650-700/tonne FOB Rotterdam this morning, unchanged from previous buy/sell indications.

MTBE: Spot MTBE barges were offered at a factor of 1.29 to gasoline barges, unchanged from the previous day’s level, sources said this morning. Bids were heard at a factor of 1.25, also unchanged from 6 July. Gasoline traded in the morning at $588/tonne FOB AR (Amsterdam, Rotterdam), making an MTBE price of $735-759/tonne FOB AR.

XYLENES: There were no 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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