The European white spirit market continues to experience balanced conditions this week.
It is thought that domestic spot prices for white spirit are at €930/tonne FD NWE at the highest. Free delivered prices are therefore assessed at €880-930/tonne FD NWE.
Export spot prices are assessed higher at $1,125-1,145/tonne FOB Rotterdam.
In the UK supply and demand remain balanced with prices in the mid-60s pence/litre FD UK.
Crude oil prices remained volatile during the week. The inability of US law makers to reach a consensus regarding its self-imposed debt ceiling and a rise in US crude stocks mid-week provided downward pressure to WTI values. However, there was some short-lived bullish momentum in the market after US oil-and-gas facilities were affected by tropical storm Don. ICE Brent prices were steady for most of the week, supported by a weaker dollar. However, continued concern over European debt issues capped gains.
On Friday afternoon, September Brent was trading around $116.70/bbl, down from the previous week’s close of $118.67/bbl. September WTI was trading around $95.95/bbl, down from $99.87/bbl.
On Friday afternoon, European jet fuel cargoes were assessed at 1,055-1,057/tonne CIF NWE and barges were assessed at $1,049-1,052/tonne FOB ARA.
($1=€0.70)
This week on ICIS news ( www.icis.com ):
28/07/11 ExxonMobil Q2 chems earnings fall 3.4% despite higher margins
28/07/11 Asia naphtha prices to fall on Formosa cracker restart delay
27/07/11 US crude futures slide $2.19/bbl on EIA statistics
26/07/11 Mexico Pemex reopens Minatitlan refinery after $3.559bn overhaul
26/07/11 Gevo, partner to build isobutanol demonstration plant in Texas
