NOON SNAPSHOT - Europe Markets Summary

02 February 2010 12:00  [Source: ICIS news]

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

CRUDE: March WTI: $75.31/bbl, up $0.88/bbl. March BRENT: $74.00/bbl, up $0.89/bbl.

Oil futures were trading in positive territory, with the March Brent contract at just above the $74/bbl. Prices were up as optimism on future demand improved after positive economic data from China and the US. The euro gaining against the US dollar was also providing support.

NAPHTHA: Open spec spot cargoes were assessed in a $661-671/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $6/tonne CIF NWE on the buy side of the range set the previous day. February swaps were pegged at $661-662/tonne CIF NWE. The main reason for this increase was the recovery in oil prices.

BENZENE: A range for February was heard this morning at $1,005-1,015/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), slightly buoyed from previous levels by stronger upstream numbers. March was pegged in a $10-20/tonne backwardation at $985-1,005/tonne CIF ARA.

STYRENE: A range for February was heard this morning at $1,180-1,195/tonne FOB (free on board) Rotterdam, marginally up on the offer side in line with higher crude numbers.

TOLUENE: The market remained quiet this morning, with no firm bids or offers seen. The range was stable at $840-900/tonne FOB Rotterdam.

MTBE: Activity was subdued during the morngins session and the factor was relatively unchanged from the previous day at 1.20-1.24. Gasoline traded at $676-677/tonne FOB AR, putting the MTBE flat price at $811-839/tonne FOB AR.

XYLENES: There were no firm bids or offers heard in the paraxylene market, and the range was unchanged at $1,010-1,070/tonne FOB Rotterdam.

For more pricing intelligence please visit ICIS pricing

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