NOON SNAPSHOT - Europe Markets Summary

21 October 2009 12:17  [Source: ICIS news]

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

CRUDE: November WTI: $78.14/bbl, down $0.98/bbl. December BRENT: $74.43/bbl, down $0.81/bbl

Crude prices were pushed down on Wednesday morning by a fall in Asian stocks and a larger-than-expected build in crude stocks of 3.8m bbl shown in the American Petroleum Institute weekly stock report.

NAPHTHA: Open spec spot cargoes were assessed in a $650-660/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down $2/tonne CIF NWE on the buy side of the range set at the end of trading on Tuesday. November swaps were pegged at $651-652/tonne CIF NWE.

BENZENE: Offers for October benzene were heard this morning at $900/tonne on a CIF basis, but these were not met with any bids. The range was pegged at $880-900/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), down from previous buy/sell indications due to falling crude numbers. Offers for November were also heard at $860/tonne, while December offers were heard at $820-830/tonne.

STYRENE: Offers for October were heard at $1,030/tonne this morning, but these were not met with any bids. The range was pegged at $1,010-1,030/tonne FOB (free on board) Rotterdam, down from previous indications due to falling crude and benzene numbers. November was pegged flat with October.

TOLUENE: A notional range for October was heard this morning at $750-790/tonne FOB Rotterdam, down from previous buy/sell ideas on the back of weaker crude numbers in the market.

MTBE: The MTBE factor against gasoline was quoted at 1.33 on Wednesday morning, but there were no reported bids or offers. Gasoline traded at $682-684/tonne FOB AR, putting the MTBE flat price at $907-910/tonne FOB AR. 

XYLENES: There were no firm bids or offers heard for paraxylene this morning, and the range for October remained unchanged at $810-830/tonne FOB Rotterdam.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
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