NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: November WTI: $66.30/bbl, up $0.41/bbl. November BRENT: $65.39/bbl, up $0.57/bbl

After falling more than $3/bbl the previous day, oil prices were trading in positive territory, supported by a stronger US dollar.

NAPHTHA: Open-spec spot cargoes were assessed in a $557-567/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 end of the previous day’s trading. October swaps were pegged at $557-558/tonne CIF NWE.

BENZENE: Players reported two October Europe benzene deals at $745-748/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), almost $25/tonne above the previous day’s October deal. September was notionally $5/tonne below October, while November was notionally flat with September.

STYRENE: One October inter-trade styrene deal was reported from 24 September at $1,030/tonne FOB (free on board) Rotterdam. On Friday morning, players talked October at $1,035-1,050/tonne, while November was considerably lower at $1,000-1,020/tonne.

TOLUENE: The market was quiet this morning, with no firm buying interest heard. The range was unchanged at $740-770/tonne FOB Rotterdam.

MTBE: The MTBE factor against gasoline was heard at around 1.20 during the morning. Gasoline traded at $575-595/tonne FOB AR (Amsterdam, Rotterdam), putting the MTBE flat price at $690-714/tonne FOB AR.

XYLENES: A range for paraxylene was heard this morning at $790-810/tonne FOB Rotterdam, down from previous indications due to the slump in crude values and a lack of buyer interest.

For more pricing intelligence please visit ICIS pricing

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