NOON SNAPSHOT - Europe Markets Summary

06 October 2009 12:06  [Source: ICIS news]

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

CRUDE: November WTI: $71.19/bbl, up $0.79/bbl. November BRENT: 68.84/bbl, up $0.80/bbl

Crude oil futures showed gains of more than $1/bbl at one stage during the morning session. The jump was mainly due to a weaker US dollar and the stock markets trading in positive territory.

NAPHTHA: Open-spec spot cargoes were assessed in a $588-598/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $23/tonne CIF NWE on the buy side of the range set at the previous day’s end of trading. October swaps were pegged at $588-589/tonne CIF NWE.

BENZENE: Players assessed European October benzene at $725-735/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), while bids for November were notionally $5/tonne lower.

STYRENE: A European October styrene deal was discussed at $1,115/tonne FOB (free on board) Rotterdam but unconfirmed. October remained notionally unchanged at $1,100-1,120/tonne. No November numbers were yet heard.

TOLUENE: The bid/offer range for October toluene remained unchanged at $670-730/tonne FOB Rotterdam in light of subdued market activity.

MTBE: One offer was heard for MTBE at a factor of 1.31 times against gasoline barges FOB AR (Amsterdam, Rotterdam) for November lifting, but this was pulled. A notional range for October was 1.33-1.35, sources said. Gasoline traded in the morning at $615/tonne FOB AR, pegging a notional range for MTBE at $818-830/tonne FOB AR.

XYLENES: There was no firm buying interest heard for October paraxylene, and the range remained stable at $720-740/tonne FOB Rotterdam.

For more pricing intelligence please visit ICIS pricing

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