EVENING SNAPSHOT - Asia Markets Summary

06 August 2008 10:44  [Source: ICIS news]

SINGAPORE (ICIS news)--Here is Wednesday’s end-of-day Asian oil and chemical market summary from ICIS pricing.

 

CRUDE: September WTI $118.93/bbl down 25 cents September BRENT $117.68/bbl down 2 cents
 
Crude edged lower on Wednesday afternoon in Asia with prices at around three months low amid ongoing concerns that difficult economic conditions in the US and other developed economies had reduced demand. Meanwhile, worries over a tropical storm in the Gulf of Mexico eased after it failed to cause any major disruptions to oil and gas operations in the area. Expectations that weekly US supply data, due out later today, will show a rise in stocks of crude and gasoline added further downward pressure.

 

 

NAPHTHA: Asian naphtha prices rebounded on Wednesday afternoon, closely tracking crude values. Second half September open spec naphtha contract was assessed at $1,015-1,019/tonne CFR (cost and freight) Japan, up about $21/tonne. First half October open spec naphtha contract was assessed at $1,019-1,022/tonne CFR Japan, an increase of about $23/tonne. A deal for first half October was heard to be done at $1,020/tonne CFR Japan.

 

 

BENZENE: Prices were assessed at $1,195-1,210/tonne FOB (free on board) Korea, lower than the levels seen earlier today.  Trading was sluggish mostly with a deal heard at $1,210/tonne FOB Korea for September shipment and at $1,200/tonne FOB Korea for a normal berth any August or first half September loading cargo.

 

 

TOLUENE: Prices were assessed at $1,115-1,130/tonne FOB Korea with a deal heard at $1,130/tonne FOB Korea for any September loading. Offers for September loading were heard at $1,125-1,130/tonne FOB Korea that met a bid at $1,102/tonne FOB Korea.

 

 

For more pricing intelligence, please visit ICIS pricing.

By: Staff Reporter
+44 20 8652 3214

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