EVENING SNAPSHOT - Europe Markets Summary

07 July 2009 17:15  [Source: ICIS news]

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

CRUDE: August WTI: $62.95/bbl, down $1.10/bbl. August BRENT: $63.20/bbl, down $0.85/bbl

Earlier gains were quickly wiped out once the US markets opened due to a weak gasoline market and amid predictions of a build in US energy stocks, despite the recent Independence Day holiday weekend in the US, which is normally a peak in the country’s summer driving season.

NAPHTHA: Open-spec spot cargoes were assessed in a $547-557/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down by $13/tonne CIF NWE on the buy side of the range set earlier in the day. July swaps were pegged at $547-548/tonne CIF NWE.

BENZENE: A deal for July cargo was heard this afternoon at $900/tonne, with buy/sell ideas pushed up from previous levels due to increased buying interest. August also traded this afternoon at $870/tonne. The July range was pegged at $890-910/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp).

STYRENE: Bids and offers for July styrene were heard this afternoon at $1,080-1,090/tonne FOB (free on board) Rotterdam, up from previous levels due to higher upstream costs. August was pegged flat with July.

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

MTBE: During the afternoon, MTBE did not trade. There were no bids, and an offer was left at $755/tonne FOB AR (Amsterdam, Rotterdam) at the end of open market trading for loading 15 days forward. Gasoline traded at $578-589/tonne FOB AR, pegging a factor for the offer at 1.28-1.31 against gasoline cash barges.

XYLENES: The paraxylene market remained quiet this afternoon, with no firm buy/sell indications heard. The range was unchanged 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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