EVENING SNAPSHOT - Europe Markets Summary

24 November 2010 17:18  [Source: ICIS news]

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

CRUDE: January WTI: $83.00/bbl, up $1.75/bbl. January BRENT: $85.10/bbl, up $1.85/bbl
Prices rose sharply after the weekly US stock data from the Energy Information Administration (EIA) showed a much smaller build in crude than the data from the American Petroleum Institute (API), with a weaker US dollar adding further support.

NAPHTHA: $774-778/tonne, up $19/tonne
The cargo range was assessed higher as a result of firmer crude oil futures and the crack spread. December swaps were also assessed higher at $774-775/tonne.

BENZENE: $940-960/tonne, steady
The market was quiet this afternoon, and the range for November was unchanged. December was valued flat with November.

STYRENE: $1,190-1,200/tonne, up $20-30/tonne
There were several unconfirmed deals this afternoon for December at $1,190-1,200/tonne, and the range was adjusted to reflect this. November was quiet, and valued flat with December.

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

MTBE: $855-864/tonne, up by $28-35/tonne
Prices rose sharply in line with similar gains made in the gasoline market. Gasoline traded at $752-772/tonne, putting the MTBE factor against cash barges at 1.12-1.14, up one point on the high side.

XYLENES: $1,260-1,300/tonne, steady
The paraxylene market was quiet today as supply remained restricted. The range was unchanged.

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By: Staff Reporter
+44 20 8652 3214

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