NOON SNAPSHOT - Europe Markets Summary

03 November 2009 12:00  [Source: ICIS news]

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

CRUDE: December WTI: $77.06/bbl, down $1.03/bbl. December BRENT: $75.63/bbl, down $0.92/bbl

The crude oil markets were trading more than $1/bbl down from the previous day due to a stronger US dollar and falls in the stock markets.

NAPHTHA: Open-spec spot cargoes were assessed in a $644-654/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down $9/tonne CIF NWE on the buy side of the previous day’s closing range. November swaps were pegged at $644-645/tonne CIF NWE.

BENZENE: Europe November benzene numbers moved up notionally during the morning from $760-785/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) to $785-795/tonne. December values were not yet heard.

STYRENE: The styrene market remained subdued. November values were pegged at $980-1,000/tonne FOB (free on board) Rotterdam. No December values were mentioned.

TOLUENE: European November toluene contracts have been confirmed at $770-775/tonne FOB NWE, up $40-42/tonne from the previous month. A spot range for November was heard this morning at $760-793/tonne FOB Rotterdam, narrowing from previous buy/sell indications as the November contract settlement helped to establish a clearer value range.

MTBE: No bids or offers were heard on Tuesday morning. The factor against gasoline was notionally pegged at 1.41-1.42, unchanged from the level seen on 2 November. Gasoline traded at $704/tonne FOB AR (Amsterdam, Rotterdam), putting the MTBE flat price at $993-1,000/tonne FOB AR.

XYLENES: The paraxylene market remained quiet this morning, with no buying activity seen. The range was unchanged at $880-900/tonne FOB Rotterdam.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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