EVENING SNAPSHOT - Europe Markets Summary

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

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

CRUDE: August WTI: $63.50/bbl, down $0.06/bbl. September BRENT: $65.55/bbl, up $0.17/bbl

The upward trend reversed on some gloomy economic data from Germany, resulting in a quick erosion of all the gains posted earlier in the day.

NAPHTHA: Open-spec spot cargoes were assessed in a $549-559/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down by $7/tonne CIF NWE on the buy side of the range set earlier in the day. August swaps were pegged at $550-551/tonne CIF NWE.

BENZENE: Players talked European benzene for July and August flat, pegging values at $915-930/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) for both months, narrower compared with earlier values.

STYRENE: European July styrene bids were heard at $1,250/tonne FOB (free on board) Rotterdam, up $10/tonne from earlier notional bid levels. August values moved up significantly due to tightness in the market, and were notionally assessed at $1,230-1,250/tonne.

TOLUENE: A range for July was heard this afternoon at $700-720/tonne FOB Rotterdam, up $20/tonne on the buy side due to stronger upstream values.

MTBE: Bids and offers were heard this afternoon at a factor of 1.22-1.25 against gasoline for August delivery, up from 1.21-1.25 in the morning. There were no reported trades at this level, and no business was done in open market trading. Gasoline traded at $605-607/tonne FOB AR (Amsterdam, Rotterdam) on Monday afternoon, putting flat prices for MTBE at $738-759/tonne FOB AR.

XYLENES: There were no firm bids or offers heard for paraxylene this afternoon, and the range was stable 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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