NOON SNAPSHOT - Europe Markets Summary

08 July 2009 12:00  [Source: ICIS news]

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

CRUDE: August WTI: $62.58/bbl, down $0.35/bbl. August BRENT: $63.05/bbl, down $0.18/bbl

After falling by more than $1/bbl during the morning, crude prices clawed back most of the lost ground, but never breached Tuesday’s settlements. Doubts concerning the strength of the global economy’s recovery continued to weigh on market sentiment. At the same time the American Petroleum Institute’s weekly stock report released on Tuesday detailed a smaller-than-expected crude draw of 1.4m bbl versus forecasts of a 2.4m bbl.

NAPHTHA: Open spec spot cargoes were assessed in a $547-557/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, showing no change from the buy side of the range set at the end of trading on Tuesday. July swaps were pegged at $547-548/tonne CIF NWE.

BENZENE: Bids and offers for July were heard this morning at $875-900/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), down from the previous close on the back of weaker crude levels. August was talked at $850-880/tonne.

STYRENE: A range for July styrene was heard this morning at $1,040-1,070/tonne FOB (free on board) Rotterdam, marginally down from previous values due to weaker upstream costs. August remained pegged flat with July.

TOLUENE: Offers for July continued to be heard at $700/tonne this morning, but there were no corresponding bids. The range remained pegged at $650-700/tonne FOB Rotterdam.

MTBE: Spot MTBE barges were offered at a factor of 1.26 to gasoline barges, down from 1.29 yesterday, sources said this morning. There were no reported bids, but sources placed bids at a notional factor of 1.23. Gasoline traded in the morning at $575-580/tonne FOB (free on board) AR (Amsterdam, Rotterdam), making an MTBE offer price of $725-731/tonne FOB AR.

XYLENES: The paraxylene market remained quiet this morning, with no buy/sell ideas heard. The range was stable at $840-870/tonne FOB Rotterdam.

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Author: Staff Reporter
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