EVENING SNAPSHOT - Europe Markets Summary

04 November 2009 17:11  [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: $80.47/bbl, up $0.87/bbl. December BRENT: $78.95/bbl, up $0.84/bbl

Oil prices extended the gains to trade more than $1/bbl up from the previous day as the US stock figures from the Energy Information Administration (EIA) showed a surprisingly large draw in crude oil inventories.

NAPHTHA: Open-spec spot cargoes were assessed in a $665-675/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down $1/tonne CIF NWE on the buy side of the range set earlier in the day. November swaps were pegged at $666-667/tonne CIF NWE.

BENZENE: Five November benzene deals were reported at $800/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), which was higher from the previous day and in line with stronger crude values and prices in Asia. One December deal was also reported at $800/tonne. November and December closed at par at $800-810/tonne, according to sources.

STYRENE: Several styrene deals were discussed and reported at $997/tonne CIF and $1,010-1,017/tonne FOB (free on board) Rotterdam. Industry was noted on the buy side several times, which led to higher prices, sources said. November closed notionally at $1,010-1,020/tonne. December was assessed $20/tonne below November.

TOLUENE: The market remained quiet this afternoon, with no firm bids or offers heard. The range for November was unchanged at $760-793/tonne FOB Rotterdam.

MTBE: There were no trades in the open market. The MTBE factor against gasoline was reported at around 1.35 on Wednesday afternoon, up from 1.32-1.33 from the previous afternoon. Gasoline traded at $709-712/tonne FOB AR (Amsterdam, Rotterdam), putting the MTBE flat price at $936-947/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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