EVENING SNAPSHOT - Europe Markets Summary

04 December 2008 17:42  [Source: ICIS news]

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

CRUDE: January WTI: $45.90/bbl, down $0.89/bbl. January BRENT: $44.50/bbl, down $0.94/bbl

Prices briefly recovered when the US markets opened, but they failed to hold the gains and fell back towards the lows posted early in the day.

NAPHTHA: Open spec spot cargoes were assessed in a range of $253-263/tonne CIF (cost, insurance and freight) NWE (northwest Europe), down $2/tonne on the buy-side of the range set earlier in the day. December swaps were pegged at $254-255/tonne CIF NWE.

BENZENE: December benzene deals were reported at $200/tonne and $195/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), $5/tonne off record lows, with trade selling an industry seller in the latter case.

Bids and offers were talked within a $190-200/tonne CIF ARA range for the front month, with January valued at $230-250/tonne CIF ARA and a forward-month deal rumoured at $230/tonne CIF ARA

STYRENE: December and January loading styrene were heard at respective offers of $550/tonne FOB Rotterdam and $570/tonne FOB Rotterdam with no bids noted and buyers pegged at corresponding $520/tonne and $550/tonne FOB Rotterdam.

TOLUENE: A December toluene offer was heard at $415/tonne CIF ARA for 1,000 tonnes with a bid quoted at $405/tonne CIF ARA by a broker.

MTBE: MTBE traded at $510/tonne FOB AR (Amsterdam Rotterdam) and $509/tonne FOB AR, between two different producers and the same trade buyer. Both were for 1,000 tonnes, delivery 9 December-19 December. Gasoline traded at $350/tonne FOB AR, pegging the factor for these trades at 1.45-1.46.

XYLENES: A firm paraxylene (PX) bid at $500/tonne FOB Rotterdam was pegged against offer ideas at $550/tonne FOB Rotterdam in a falling market.

($1 = €0.79)

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Author: Staff Reporter
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