EVENING SNAPSHOT - Europe Markets Summary

11 August 2011 17:12  [Source: ICIS news]

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

CRUDE: September WTI: $83.78/bbl, up $0.89/bbl. September BRENT: $106.85/bbl, up $0.17/bbl
Prices were volatile on Thursday due to concerns over France’s credit rating. However, prices were given a small boost after data from the US showed new claims for unemployment benefits dropped last week.

NAPHTHA: $907–915/tonne, up $10/tonne
The cargo range climbed from earlier in the day, driven by higher crude oil prices and a slightly stronger crack spread. September swaps were assessed at $902–903/tonne.

BENZENE: $1,265–1,280/tonne, down $5–10/tonne
August softened this afternoon in a relatively quiet market. September remained backwardated at $1,230–1,255/tonne, with bids for the first half of the month $5/tonne higher.

STYRENE: $1,460–1,480/tonne, down $10/tonne on the sell side
August traded at $1,470/tonne this afternoon, and the offer level came down to reflect this. September remained valued at $1,470–1,490/tonne.

TOLUENE: $1,180–1,200/tonne, steady
The market remained quiet, with no firm bids or offers heard. The range was unchanged.

MTBE: $1,219–1,224/tonne, up $49–58/tonne
Prices rebounded because of firmer gasoline numbers and market tightness. Eurobob gasoline traded at $946–949/tonne in the morning, but at $959–961/tonne in the afternoon. Relative to the afternoon trades, the MTBE factor against cash barges was 1.27.

PARAXYLENE: $1,480–1,550/tonne, steady
The range was unchanged in an illiquid market.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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