NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: October WTI: $72.58/bbl, up $0.07/bbl. November BRENT: $71.65/bbl, down $0.02/bbl

Crude prices were range bound either side of Wednesday’s close, which saw prices rise by well over a dollar after the weekly US Stock figures revealed a large, unexpected draw on crude stocks.

NAPHTHA: Open spec spot cargoes were assessed in a $623-633/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up by $7/tonne CIF NWE on the buy side of the range set at the end of trading on Wednesday. October swaps were pegged at $623-624/tonne CIF NWE.

BENZENE: On Wednesday, two September benzene deals were done at $807-810/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp). On Thursday, September traded at $805/tonne and October at $810/tonne. September values were at $790-805/tonne and October at $800-810/tonne.

STYRENE: A September styrene trade was done on Wednesday at $1,105/tonne FOB (free on board) Rotterdam from industry to trade. On Thursday, September was assessed $5/tonne above October at $1,080-1,100/tonne.

TOLUENE: The market remained quiet, with no firm bids or offers heard. The range was notionally pegged at $760-800/tonne FOB Rotterdam.

MTBE: Bids and offers were heard at a factor of 1.13-1.15 against gasoline on Thursday morning, unchanged from Wednesday’s levels. Gasoline traded at $659-663/tonne FOB AR on Thursday morning, implying an MTBE flat price of $745-762/tonne FOB AR.

XYLENES: The paraxylene market remained quiet, with no firm buying interest heard. The range remained stable at $840-910/tonne FOB Rotterdam.

For more pricing intelligence please visit ICIS pricing

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