EVENING SNAPSHOT - Europe Markets Summary

25 January 2011 16:57  [Source: ICIS news]

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

CRUDE: March WTI: $86.75/bbl, down $1.14/bbl. March BRENT: $95.62/bbl, down $0.99/bbl
Futures, driven down by expectations of builds in this week’s US stock data, remained in negative territory for most of the afternoon, trading more than $1/bbl down from Monday.

NAPHTHA: $819-827/tonne, down $4/tonne
The cargo range slipped from earlier in the day as the crack spread weakened further. February swaps were assessed at $827-828/tonne.

BENZENE: $1,270-1,280/tonne, up $10/tonne
February deals were reported at $1,262-1,270/tonne this afternoon. There was also talk of deals at $1,275/tonne and $1,280/tonne but these remained unconfirmed. The range for January moved up on renewed buying interest.

STYRENE: $1,415-1,425/tonne, up $5/tonne
February traded at $1,420/tonne this afternoon, and the range firmed slightly in line with benzene and buying interest. March remained in contango at $1,420-1,430/tonne.

TOLUENE: $1,070-1,090/tonne, steady
The market remained quiet, with no firm business seen. The range was unchanged.

MTBE: $956-980/tonne, down $6-17/tonne
The market was subdued yet again, with no trades seen and bids and offers coming in a wide range. The lower range was more or less in accordance with the price drops seen in the crude, naphtha and gasoline markets. Gasoline lost $17-22/tonne to $833-843/tonne, putting the MTBE factor against cash barges at 1.15-1.16, up 1-2 points.

PARAXYLENE: $1,670-1,700/tonne, up $50/tonne
European spot price ideas continued to firm as the global market remained tight. Reports of production problems in the US, record high prices in Asia and a lack of spot availability in Europe resulted in European prices moving up again. One trading source said it had heard a spot offer in Europe at $1,750/tonne FOB Rotterdam, but this was not widely confirmed.

Click here for more pricing intelligence

By: Staff Reporter
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