EVENING SNAPSHOT - Europe Markets Summary

07 August 2008 17:03  [Source: ICIS news]

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

 

CRUDE: September WTI: $120.18/bbl, up $1.60/bbl. September BRENT: $118.35/bbl, up $1.35/bbl

 

Oil prices showed gains of more than $1/bbl for most of the afternoon as the markets remained focused on supply concerns in Turkey, Iran and Nigeria.

 

NAPHTHA: Open-spec spot cargoes were assessed in a $968-978/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down $6/tonne on the buy side of the range set earlier in the day. September swaps were pegged at $968-969/tonne CIF NWE.

 

MTBE: On Thursday afternoon three methyl tertiary butyl ether (MTBE) deals were heard between one trader and another two traders at $1,075/tonne FOB (free on board) AR (Amsterdam Rotterdam), for 1,000 tonnes each. Another trade took place at $1,084/tonne FOB AR for 2,000 tonnes. Gasoline traded between $1,003-1,006/tonne FOB AR in the afternoon pegging the MTBE factor over gasoline for the above trades between 1.07-1.08.

 

BENZENE: Bids and offers for August loading benzene were talked up $5/tonne to $1,300-1,320/tonne CIF ARA as crude traded in positive territory, with WTI moving above $120/bbl. September was talked lower, at $1,280-1,300/tonne CIF ARA.

 

STYRENE: Bid/offer indications for August loading styrene in Europe were talked up $10-20/tonne to $1,670-1,700/tonne FOB Rotterdam, while September was seen at $1,625-1,650/tonne FOB Rotterdam.

 

TOLUENE: Buyer and seller confirmed an inter-trade toluene deal at $1,070/tonne FOB Rotterdam for a 1,000 tonne parcel of August loading material. Players pegged bids and offers at $1,060-1,080/tonne FOB Rotterdam for front month business.

 

XYLENES: The paraxylene market remained quiet, as no new bids or offers were heard. The buy/sell range was kept stable from yesterday at $1,380-1,435/tonne FOB Rotterdam.

 

For more pricing intelligence please visit ICIS pricing

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Author: Staff Reporter
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