NOON SNAPSHOT - Europe Markets Summary

04 December 2008 12:00  [Source: ICIS news]

LONDON (ICIS news)--Here is Thursday’s midday European oil and chemical market summary from ICIS pricing.

CRUDE: January WTI: $46.15/bbl, down $0.64/bbl. January BRENT: $44.85/bbl, down $0.57/bbl

More gloomy US jobs data added to existing concerns of shrinking global demand to take prices lower yet again.

NAPHTHA: Open spec spot cargoes were assessed in a range of $255-265/tonne CIF (cost, insurance and freight) NWE (northwest Europe), down $4/tonne on the buy-side of the range set at the end of trading on Wednesday. December swaps were pegged at $256-257/tonne CIF NWE.

BENZENE: Buy/sell ideas for European spot benzene were talked at $200-210/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), down $10/tonne from the previous close, with January valued at $235-245/tonne CIF ARA.

STYRENE: No fresh buy or sell ideas were heard and the market was pegged stable, at $570-590/tonne FOB (free on board) Rotterdam for December and $580-600/tonne FOB Rotterdam for January.

TOLUENE: Notional December toluene buy/sell ideas were pegged within a $390-410/tonne FOB Rotterdam range, little changed from the previous close.

MTBE: A bid was heard for MTBE this morning at a factor of 1.40. No firm offers were heard, but a notional offer level was assessed at 1.42. Gasoline traded at $340-342/tonne FOB AR (Amsterdam Rotterdam), pegging flat MTBE values at $476-486/tonne FOB AR.

XYLENES: With players still holding back, paraxylene (PX) bids and offers were pegged stable at $560-600/tonne FOB Rotterdam, with further downside widely mooted.

($1 = €0.79)

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Author: Staff Reporter
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