EVENING SNAPSHOT - Europe Markets Summary

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

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

CRUDE: August WTI: $61.60/bbl, up $0.06/bbl. August BRENT: $63.15/bbl, up $0.06/bbl

Extremely volatile trade saw earlier losses of over $1.00/bbl recouped on the back of a weak US dollar, despite the weekly US natural gas stocks showing a larger than expected build.

NAPHTHA: Open spec spot cargoes were assessed in a $528-538/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up by $4/tonne CIF NWE on the buy side of the range set earlier in the day. July swaps were pegged at $529-530/tonne CIF NWE.

BENZENE: Deals for July were talked this afternoon at $900/tonne and $910/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), within the previous range. Further confirmation was pending.

STYRENE: Trades for July styrene were heard at $1,160/tonne and $1,180/tonne this afternoon, but further confirmation was pending. A range was later heard at $1,190-1,220/tonne FOB (free on board) Rotterdam for July, while August was pegged at $1,150-1,175/tonne.

TOLUENE: There were no firm bids or offers for toluene this afternoon, and the range remained unchanged at $660-680/tonne FOB Rotterdam.

MTBE: In open market trading on Thursday a German trader sold 3,000 tonnes of MTBE to a European producer at $728/tonne FOB ARA, loading 19-31 July. Gasoline traded at $593-595/tonne FOB AR on Thursday afternoon, putting the factor against gasoline for MTBE at 1.22-1.23.

XYLENES: The paraxylene market was quiet this afternoon, with no firm buying interest heard. The range was stable at $830-860/tonne FOB Rotterdam.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
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