NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: November WTI: $71.14/bbl, down $0.62/bbl. November BRENT: $69.80/bbl, down $0.73/bbl

Oil prices were below the previous day’s settlement due to a surprise build of 276,000 bbl in the weekly American Petroleum Institute’s report for crude stocks, compared with a forecast draw of 1.5m bbl.

NAPHTHA: Open-spec spot cargoes were assessed in a $602-612/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down by $1/tonne CIF NWE on the buy side of the range set at the previous day’s end of trading. October swaps were pegged at $602-604/tonne CIF NWE.

BENZENE: September European benzene was offered at $790/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), and October offers were $5/tonne higher at $795/tonne.

STYRENE: Players in the European styrene market assessed October at $1,050-1,070/tonne FOB (free on board) Rotterdam. September numbers were not heard but were notionally $20/tonne above October. November offers were heard at $1,030/tonne.

TOLUENE: A range for September was heard this morning at $750-785/tonne FOB Rotterdam, down from previous buy/sell indications due to lower crude values and market inactivity.

MTBE: Bids and offers were heard at a factor against gasoline of 1.16-1.17, down from the previous evening’s factor of 1.17-1.20. Gasoline traded at $627-640/tonne FOB AR (Amsterdam, Rotterdam), putting the flat price for MTBE at $727-749/tonne FOB AR.

XYLENES: There were no firm bids or offers heard for paraxylene this morning. The range was unchanged at $800-860/tonne FOB Rotterdam.

For more pricing intelligence please visit ICIS pricing

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