NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: August WTI: $61.85/bbl, down $0.17/bbl. August BRENT: $63.45/bbl, down $0.30/bbl

Prices were down slightly on the back of a firmer US dollar, but the markets were ending the week on a fairly quiet note.

NAPHTHA: Open spec spot cargoes were assessed in a $530-540/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up by $2/tonne CIF NWE from the buy side of the range set at the end of trading on Thursday. August swaps were pegged at $530-531/tonne CIF NWE.

BENZENE: Bids and offers for July were heard this morning at $910-940/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), up from the previous close on the back of stronger prices in the US market. August remained in backwardation, with bids heard at $890/tonne and a range later pegged at $900-930/tonne.

STYRENE: Bids for July were heard this morning at $1,200/tonne, up from previous indications due to increasing tightness in the market. The range was pegged at $1,200-1,220/tonne FOB (free on board) Rotterdam. A trade for August was heard late yesterday at $1,147/tonne, while offers were pegged at $1,190/tonne this morning.

TOLUENE: There were no firm bids or offers this morning, and the range for July was stable at $660-680/tonne FOB Rotterdam.

MTBE: Bids and offers were heard this morning at a factor of 1.23-1.25 against gasoline for July delivery, up from 1.22-1.25 yesterday. Gasoline traded at $594/tonne FOB AR on Friday morning, putting flat prices for MTBE at $731-743/tonne FOB AR. 

XYLENES: The paraxylene market was quiet this morning, with no clear buy/sell indications heard. The range was unchanged at $830-860/tonne FOB Rotterdam.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
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