NOON SNAPSHOT - Asia Markets Summary

07 August 2008 05:00  [Source: ICIS news]

SINGAPORE (ICIS news)--Here is Thursday’s mid-day Asia oil and chemical market summary from ICIS pricing.

 

CRUDE: September WTI $118.86/bbl down $0.07 September BRENT $117.45/bbl down $0.23

 

Crude prices fell on Thursday after US government data showed larger than expected US crude inventories that overshadowed BP’s force majeure on its Ceyhan to Azeri crude shipments due to a pipeline explosion.

 

Losses were trimmed when US State Department said major powers had agreed on Wednesday to consider more U.N. sanctions against Iran after failed talks on freezing Tehran’s nuclear ambitions.

 

NAPHTHA: Asian naphtha prices weakened on Thursday in tandem with softened crude values. Second half September open spec naphtha contract was assessed at $1006.50-1009.50/tonne CFR (cost and freight) Japan, down about $9.50tonne. First half October open spec naphtha contract was assessed at $1010.50-1013.50/tonne CFR Japan, a decline of about $9.50/tonne

 

BENZENE: Prices were notionally assessed unchanged at $1,195-1,210/tonne FOB (free on board) Korea amid thin discussions heard on Thursday. The bid-offer gap widened with an offer heard at $1,230/tonne FOB Korea against a bid at $1,175/tonne FOB Korea for any September loading.

 

TOLUENE: Prices were notionally assessed lower at $1,100-1,115/tonne FOB Korea with a bid heard at $1,080/tonne FOB Korea for any September lifting. No offer could be located.

 

For more pricing intelligence, please visit ICIS pricing.

By: Staff Reporter
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