EVENING SNAPSHOT - Europe Markets Summary

26 January 2011 17:33  [Source: ICIS news]

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

CRUDE: March WTI: $86.20/bbl, up $0.01/bbl. March BRENT: $96.55/bbl, up $1.30/bbl
Earlier gains were eroded when the weekly US stock figures from the Energy Information Administration (EIA) showed a much larger build in crude stocks than forecast.

NAPHTHA: $825-835/tonne, up $12/tonne
Cargo prices gained in tandem with crude oil futures, but lower crack spreads limited the upside. February swaps were assessed at $832-834/tonne.

BENZENE: $1,375-1,385/tonne, up $20/tonne
February traded at $1,355/tonne, and deals were later seen at $1,375-1,385/tonne. The range moved up to reflect higher numbers discussed in the market, as production problems led to a peak in buying interest.

STYRENE: $1,475-1,485/tonne, up $15-25/tonne
There were several February deals at $1,450-1,470/tonne, and the range moved up as a result of buying interest and upward pressure from the benzene market. February later traded at $1,475-1,485/tonne, and the range moved up to reflect this. March bids were seen at $1,450/tonne.

TOLUENE: $1,070-1,090/tonne, up $10/tonne on the sell side
The market remained quiet, with no firm business seen. The range was unchanged.

MTBE: $952-984/tonne, wider by $4/tonne
No trades were seen for the third day running. Gasoline traded at $828-849/tonne, which, combined with the factor against gasoline value of 1.15-1.16, produced the notional range of $952-984/tonne.

PARAXYLENE: $1,670-1,700/tonne steady
The European paraxylene spot market remained void of any availability. Sources reiterated that there simply was no spot market in Europe. They confirmed that price ideas were in the high $1,600s/tonne FOB Rotterdam.

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By: Staff Reporter
+44 20 8652 3214

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