EVENING SNAPSHOT - Europe Markets Summary

03 November 2009 17:05  [Source: ICIS news]

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

CRUDE: December WTI: $78.08/bbl, down $0.05/bbl. December BRENT: $76.52/bbl, down $0.03/bbl

The oil markets recovered some ground but were still trading in negative territory as equities continued to fall on the back of worries over the banking sector.

NAPHTHA: Open spec spot cargoes were assessed in a $652-662/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $8/tonne CIF NWE on the buy side of the range set earlier in the day. November swaps were pegged at $652-653/tonne CIF NWE.

BENZENE: Europe November benzene values moved up to $775-795/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp). December was notionally put at $775-785/tonne.

STYRENE: Strong rumours persisted that a November styrene deal was bought by an industry player at $1,005/tonne FOB (free on board) Rotterdam. By the close of business, November values were pegged at $990-1,010/tonne. December was put $20/tonne below November. Another November deal was reported from Monday at $990/tonne but so far unconfirmed.

TOLUENE: The market remained quiet, with no buy/sell activity heard. The range remained pegged at $760-793/tonne FOB Rotterdam.

MTBE: 1,000 tonnes of MTBE traded in the open market at $930/tonne FOB AR for loading 10-14 November. Gasoline traded at $700-705/tonne, putting the factor against gasoline for the trade at 1.32-1.33, down from 1.41-1.42 on Monday afternoon.

XYLENES: The paraxylene market remained quiet, with no firm bids or offers seen. The range was unchanged at $880-900/tonne FOB Rotterdam.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
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