EVENING SNAPSHOT - Europe Markets Summary

30 November 2009 17:02  [Source: ICIS news]

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

CRUDE: January WTI: $76.14/bbl, up $0.09/bbl. January BRENT: $77.36/bbl, up $0.18/bbl.

The oil markets continued to be fairly volatile during the afternoon session, hitting new highs and lows of the day but trading either side of Friday’s settlement prices. Fears that the Dubai debt crisis could slow down the global economic recovery cancelled out the upward pressure from a weaker US dollar and stock market gains.

NAPHTHA: Open spec spot cargoes were assessed in a $692-702/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. December swaps were pegged at $692-693/tonne CIF NWE. Naphtha prices improved as a result of the Asian arbitrage opportunity.

BENZENE: One December benzene deal was done at $865/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) and by the close of business, December was pegged at $860-875/tonne. January was pegged $15/tonne above December.

STYRENE: Values fell to $1,040-1,060/tonne FOB (free on board) Rotterdam for December and January was assessed $15/tonne higher.

TOLUENE: There were no firm bids or offers seen this afternoon, and the range was unchanged at $760-790/tonne FOB Rotterdam.

MTBE: Two trades were reported for MTBE in the afternoon, for 1,000 tonnes at $875/tonne FOB AR for 3-7 December. Gasoline traded in the afternoon between $695-696/tonne FOB AR, pegging a factor for the trades around 1.26. The factor dropped in a thinly traded market.

XYLENES: There were no firm bids or offers for paraxylene this afternoon, and the range was unchanged at $970-1,000/tonne FOB Rotterdam.

For more pricing intelligence please visit ICIS pricing

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