EVENING SNAPSHOT - Europe Markets Summary

21 October 2009 17:10  [Source: ICIS news]

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

CRUDE: December WTI: $80.11/bbl, up $0.98/bbl. December BRENT: $78.41/bbl, up $1.17/bbl

The oil markets recovered and moved back into positive territory after the weekly US statistics showed a smaller-than-predicted build on crude stocks and a larger-than-expected draw on gasoline stocks. Later in the session Brent and WTI were showing gains of more than $1/bbl.

NAPHTHA: Open spec spot cargoes were assessed in a $665-675/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $15/tonne CIF NWE on the buy side of the range set earlier in the day. November swaps were pegged at $665-667/tonne CIF NWE.

BENZENE: Deals for November were heard this afternoon at $845/tonne and later at $860/tonne, and the range was moved to $845-860/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) to reflect this. October remained notionally pegged at $880-900/tonne CIF ARA. A trade for December was also heard at $802/tonne this afternoon.

STYRENE: Offers for prompt October cargo as well as November delivery were heard this afternoon at $1,010-1,015/tonne, down from earlier levels as the market lengthened and buyer interest remained thin. Bids were also heard around $990/tonne. Deals for October and November were later heard at $1,000/tonne, and the range was pegged at $990-1,010/tonne FOB (free on board) Rotterdam.

TOLUENE: The market remained quiet, with no firm buying interest heard. The range remained notionally pegged at $750-790/tonne FOB Rotterdam.

MTBE: In the open market this afternoon, 1,000 tonnes of MTBE traded at $933/tonne FOB AR for loading 26-30 October; 1,000 tonnes traded at $931/tonne FOB AR for loading 29 October-2 November; and 3,000 tonnes traded at $908/tonne FOB AR for loading 1-5 November. Gasoline traded at $698-701/tonne FOB AR, putting the factor against gasoline for the trades at 1.30-1.34.

XYLENES: There were no firm bids or offers heard for paraxylene this afternoon, 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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