EVENING SNAPSHOT - Europe Markets Summary

23 November 2010 17:23  [Source: ICIS news]

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

CRUDE: January WTI: $80.95/bbl, down $0.79/bbl. January BRENT: $82.90/bbl, down $1.06/bbl
The crude markets remained weak as global stock markets were under pressure from a firm US dollar.

NAPHTHA: $748-758/tonne, down $3/tonne
The cargo range dropped from earlier in the day as crude oil extended the losses while the crack spread remained unchanged. December swaps were assessed at $747-749/tonne.

BENZENE: $960-970/tonne, steady
November was quiet this afternoon, and the range was unchanged. December traded at $945/tonne, with the range valued at $940-950/tonne. There was also an unconfirmed deal at $935/tonne.

STYRENE: $1,170-1,190/tonne, steady
November remained quiet this afternoon, and the range was unchanged. December was valued lower at $1,160-1,180/tonne FOB Rotterdam, down from previous levels due to a lack of buyers in the market today.

TOLUENE: $940-960/tonne, steady
The market was quiet, with no firm bids or offers for November as activity remained muted because of supply restrictions. The range was unchanged.

MTBE: $827-829/tonne, up by $1/tonne on the high side
Although MTBE flat prices were little changed, gasoline prices saw decreases of $8-21/tonne, which pushed the MTBE factor against gasoline higher. Gasoline traded at $735-739/tonne, putting the factor against cash barges at 1.12-1.13, up from 1.09-1.11.

PARAXYLENE: $1,260-1,300/tonne, down $10/tonne
The value of European spot PX moved down by $10/tonne, continuing to follow the direction of spot price movements in Asia. No deals were recorded in what traders described as a non-existent European spot market. Every molecule was fully covered on contract, according to market sources, who were speaking on the sidelines of an aromatics conference in Berlin, Germany. Apart from long-term fixed business, they said, there simply was no spot interest on the buying or selling sides.

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By: Staff Reporter
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