NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: August WTI: $61.22/bbl, up $1.08/bbl. August BRENT: $61.67/bbl, up $1.24/bbl

Oil prices rebounded on Thursday morning by more than $1/bbl after losing more than $2/bbl on Wednesday following the release of the weekly stock report from the US Energy Information Agency (EIA). The draw in crude oil was 2.9m bbl against predictions of 2.4m bbl draw, but distillate supplies rose by 3.7m bbl against forecasts of 2m bbl build.

NAPHTHA: Open-spec spot cargoes were assessed in a $527-537/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range,  up $3/tonne CIF NWE on the buy side of the range set at the end of trading on Wednesday. July swaps were pegged at $527-528/tonne CIF NWE.

BENZENE: There was no firm bid/offer range heard for benzene this morning, and the market remained pegged at $860-875/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp).

STYRENE: Offers for July were heard this morning at $1,060/tonne, but no bids were forthcoming. The range was pegged at $1,040-1,060/tonne FOB (free on board) Rotterdam. August levels were talked at a $5-10/tonne contango with July, as buying interest was said to be firming.

TOLUENE: The toluene market remained quiet, with no firm buy/sell interest heard. The range was stable at $650-700/tonne FOB Rotterdam.

MTBE: MTBE was bid and offered at a factor of 1.24-1.27 against gasoline on Thursday morning. Sources said that they did not expect the range to improve, as neither buyer nor seller was willing to negotiate aggressively. A producer said that there was not much product around, but added that the market was balanced as buyers were adopting a wait-and-see attitude. Gasoline traded at $566-574/tonne FOB AR (Amsterdam, Rotterdam), pegging a flat price for the bid/offer range of $702-729/tonne FOB AR

XYLENES: There were no bids or offers heard for paraxylene this morning, and the range was unchanged at $840-870/tonne FOB Rotterdam.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
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