Europe Markets Summary
LONDON (ICIS news)--Here is Thursday's end-of-day European oil and chemical market summary from ICIS pricing.
CRUDE: March WTI: $39.83/bbl, down $0.49/bbl. March BRENT: $44.37/bbl, up $0.22/bbl
The oil markets remained in positive territory for most of the session, with the Brent March contract trading within a $1/bbl range below the $45/bbl mark. Cold weather in the northern hemisphere and talks of more OPEC supply cuts have not been enough to outweigh the contraction in demand.
NAPHTHA: Open-spec spot cargoes were assessed in a $420-425/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $22/tonne on the buy-side of the range set earlier in the day. February swaps were pegged at $403-405/tonne CIF NWE. Three bids were heard during the afternoon. One bid was heard at $416/tonne CF Rotterdam for 15-19 February, and two at $420/tonne CF (cost and freight) Rotterdam for 18-22 February.
BENZENE: The benzene market fell notionally throughout the day, with players talking material for the first half of February at $365-375/tonne, and the rest of February $5/tonne higher on either side. March was notionally bid and offered at $380-400/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp).
STYRENE: The styrene market was quiet, with bids and offers for February at $640-660/tonne and March offered at $650/tonne FOB (free on board) Rotterdam, turning the market more flat.
TOLUENE: Bids for February-loading cargo were heard this afternoon at $490/tonne FOB Rotterdam, but no offers were forthcoming. Bids and offers for February were also heard at $485-500/tonne CIF ARA, marginally up due to stronger gasoline values.
MTBE: In the afternoon, $580/tonne FOB AR (Amsterdam, Rotterdam) was offered on MTBE, coming down to $528/tonne FOB AR by the end of business. No bids emerged, but a notional bid level was pegged around $510/tonne FOB AR. Gasoline traded between $418-424/tonne FOB AR, pegging the factor for this bid/offer range between 1.22-1.25.
XYLENES: In the absence of any firm bids or offers this afternoon, values for February-loading paraxylene remained pegged at $790-810/tonne FOB Rotterdam.
CRUDE: March WTI: $39.83/bbl, down $0.49/bbl. March BRENT: $44.37/bbl, up $0.22/bbl
The oil markets remained in positive territory for most of the session, with the Brent March contract trading within a $1/bbl range below the $45/bbl mark. Cold weather in the northern hemisphere and talks of more OPEC supply cuts have not been enough to outweigh the contraction in demand.
NAPHTHA: Open-spec spot cargoes were assessed in a $420-425/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $22/tonne on the buy-side of the range set earlier in the day. February swaps were pegged at $403-405/tonne CIF NWE. Three bids were heard during the afternoon. One bid was heard at $416/tonne CF Rotterdam for 15-19 February, and two at $420/tonne CF (cost and freight) Rotterdam for 18-22 February.
BENZENE: The benzene market fell notionally throughout the day, with players talking material for the first half of February at $365-375/tonne, and the rest of February $5/tonne higher on either side. March was notionally bid and offered at $380-400/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp).
STYRENE: The styrene market was quiet, with bids and offers for February at $640-660/tonne and March offered at $650/tonne FOB (free on board) Rotterdam, turning the market more flat.
TOLUENE: Bids for February-loading cargo were heard this afternoon at $490/tonne FOB Rotterdam, but no offers were forthcoming. Bids and offers for February were also heard at $485-500/tonne CIF ARA, marginally up due to stronger gasoline values.
MTBE: In the afternoon, $580/tonne FOB AR (Amsterdam, Rotterdam) was offered on MTBE, coming down to $528/tonne FOB AR by the end of business. No bids emerged, but a notional bid level was pegged around $510/tonne FOB AR. Gasoline traded between $418-424/tonne FOB AR, pegging the factor for this bid/offer range between 1.22-1.25.
XYLENES: In the absence of any firm bids or offers this afternoon, values for February-loading paraxylene remained pegged at $790-810/tonne FOB Rotterdam.
source: www.ICIS.com
