NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: December WTI: $80.16/bbl, up $0.56/bbl. December BRENT: $78.48/bbl, up $0.37/bbl

Crude oil futures were trading in positive territory on the back of gains in the stock markets and a weaker US dollar. After the American Petroleum Institute showed a surprise draw in crude stocks, the markets were awaiting the release of the weekly stock figures from the Energy Information Administration (EIA).

NAPHTHA: Open spec spot cargoes were assessed in a $666-676/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $14/tonne CIF NWE on the buy side of the range set at the end of trading on Tuesday. November swaps were pegged at $666-667/tonne CIF NWE.

BENZENE: Europe November benzene traded twice at $800/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) and the monthly numbers were pegged at $800-820/tonne. December bids were last seen at $795/tonne.

STYRENE: The styrene market moved up higher in line with upstream values and November was pegged at $1,000-1,020/tonne FOB (free on board) Rotterdam. No December values were heard.

TOLUENE: There were no firm bids or offers heard this morning, and the range for November was unchanged at $760-793/tonne FOB Rotterdam.

MTBE: The MTBE factor against gasoline was notionally pegged at 1.32-1.33 on Wednesday morning, unchanged from the level seen on Tuesday afternoon. Gasoline traded at $707-711/tonne FOB AR, putting the MTBE flat price at $933-946/tonne FOB AR. 

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
+44 20 8652 3214

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