EVENING SNAPSHOT- Europe Markets Summary

08 July 2009 17:23  [Source: ICIS news]

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

CRUDE: August WTI: $60.60/bbl, down $2.33/bbl. August BRENT: $61.05/bbl, down $2.18/bbl

Prices fell sharply after the weekly US stock figures from the Energy Information Administration (EIA) again showed larger-than-expected builds on gasoline and distillates.

NAPHTHA: Open spec spot cargoes were assessed in a $524-534/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down by $24/tonne CIF NWE on the buy side of the range set earlier in the day. July swaps were pegged at $524-525/tonne CIF NWE. One offer was heard at $534/tonne CFR (cost and freight) Rotterdam. Delivery dates were unknown.

BENZENE: Bids and offers for July were heard this afternoon at $860-875/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), down from the previous range due to weaker upstream prices. Deals for August were also heard this afternoon at $850/tonne, $855/tonne and $860/tonne.

STYRENE: A range for July was heard this afternoon at $1,050-1,080/tonne FOB (free on board) Rotterdam, up from previous levels by $10/tonne due to increased buying interest. A July trade was heard earlier at $1,050/tonne.

TOLUENE: There were no firm buy/sell indications for toluene this afternoon, and the range was unchanged at $650-700/tonne FOB Rotterdam.

MTBE: There were no deals this afternoon in the European MTBE market in open market trading. One trade of 4,000 tonnes was reported at a factor of 1.24 against gasoline. However, dates and other details could not be confirmed. At the end of open market trading an offer was left at $740/tonne FOB AR for loading between 13-17 July. Gasoline traded at $571-577/tonne FOB (free on board) AR (Amsterdam, Rotterdam), pegging a factor for the offer at 1.28-1.30 against gasoline cash barges.

XYLENES: The 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
+44 20 8652 3214

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly