EVENING SNAPSHOT - Europe Markets Summary

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

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

CRUDE: August WTI: $63.30/bbl, up $1.28/bbl. August BRENT: $64.95/bbl, up $1.20/bbl

Earlier losses were quickly recouped once the US markets opened on the back of some positive US housing data and a firm gasoline market.

NAPHTHA: Open spec spot cargoes were assessed in a $547-552/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up by $17/tonne CIF NWE on the buy side of the range set earlier in the day. August swaps were pegged at $542-543/tonne CIF NWE. A bid was heard at $547/tonne CFR Rotterdam, delivery 1-5 August, and an offer was heard at $552/tonne CFR Rotterdam, delivery 27-31 July.

BENZENE: Bids and offers for July were heard this afternoon at $890-910/tonne A trade was later heard at $920/tonne, and the range was adjusted to $910-930/tonne tonne CIF ARA (Amsterdam, Rotterdam, Antwerp).to reflect this. August was pegged at $890-910/tonne.

STYRENE: Bids and offers for July were heard at $1,210-1,250/tonne FOB (free on board) Rotterdam this afternoon, bolstered by improving sentiment and market tightness. A trade was later heard at $1,250/tonne FOB Rotterdam. August was valued at $1,150-1,190/tonne.

TOLUENE: A range for July was heard this afternoon at $680-720/tonne FOB Rotterdam, slightly boosted by stronger upstream values.

MTBE: In open market trading bids were heard at $740-749/tonne FOB AR, but there were no takers. MTBE bids and offers were heard this afternoon at a factor of 1.23-1.25 against gasoline for July delivery, unchanged from July 16. Gasoline traded at $600-608/tonne FOB AR on Friday afternoon, putting the flat MTBE price at $738-760/tonne FOB AR.

XYLENES: The paraxylene market was quiet this afternoon, with no firm bids or offers 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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