NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: August WTI: $64.80/bbl, up $1.24/bbl. September BRENT: $66.60/bbl, up $1.22/bbl.

Prices continued to gain ground on the back of firm equities markets and a weaker US dollar.

NAPHTHA: Open spec spot cargoes were assessed in a $556-566/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up by $9/tonne CIF NWE from the buy side of the range set at the end of trading on Friday. August swaps were pegged at $556-557/tonne CIF NWE.

BENZENE: Players rumoured a European benzene July deal from Friday at $930/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp). On Monday, July was talked at $920-940/tonne, while August was backwardated by about $10/tonne.

STYRENE: European July styrene offers were assessed at $1,260/tonne FOB (free on board) Rotterdam. August was talked at $1,190-1,220/tonne.

TOLUENE: There were no firm bids or offers heard for toluene this morning, and the range was stable at $680-720/tonne FOB Rotterdam.

MTBE: In the European MTBE market, bids and offers were heard this morning at a factor of 1.21-1.25 against gasoline for August delivery. Gasoline traded at $618-620/tonne FOB AR on Monday morning, putting flat prices for MTBE at $748-775/tonne FOB AR.

XYLENES: In the absence of any clear buying interest, the range for July paraxylene remained pegged at $830-860/tonne FOB Rotterdam.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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