EVENING SNAPSHOT - Europe Markets Summary

02 February 2010 17:16  [Source: ICIS news]

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

CRUDE: March WTI: $75.83/bbl, up $1.40/bbl. March BRENT: $74.53/bbl, up $1.42/bbl

Oil prices found more support in the afternoon and posted gains of more than $1/bbl. A strengthening of the euro against the US dollar and gains in the stock markets were the main factors behind this latest recovery.

NAPHTHA: Open spec spot cargoes were assessed in a $670-678/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $9/tonne CIF NWE on the buy side of the range set earlier in the day. February swaps were pegged at $666-667/tonne CIF NWE. Levels moved in line with crude. One offer was heard in the afternoon at $678/tonne CIF NWE, delivery 18-22 February, but this was later withdrawn.

BENZENE: February was valued at $1,010-1,020/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) this afternoon, strengthening on the back of firmer crude numbers. March was pegged in backwardation at $1,000-1,010/tonne. April cargo was offered at $1,000/tonne but no corresponding bids were heard.

STYRENE: February was pegged at $1,190-1,220/tonne FOB (free on board) Rotterdam this afternoon, up from previous indications due to stronger upstream values and higher numbers in the Asian market. March remained pegged in a $10/tonne contango.

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

MTBE: Four deals were done this afternoon. Three were for 5-9 February at $800/tonne and $808/tonne (two deals), and one was for 9-13 February at $810/tonne, all FOB AR. Gasoline traded at $689/tonne FOB AR, putting the factor against cash barges at 1.16-1.17, down from the morning’s range of 1.20-1.24.

XYLENES: There were no firm bids or offers heard in the paraxylene market this afternoon, 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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