EVENING SNAPSHOT - Asia Markets summary

31 March 2009 11:00  [Source: ICIS news]

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

CRUDE: May WTI $49.26/bbl up 85 cents May BRENT $49.12/bbl up $1.13

Crude futures strengthened on Tuesday in Asia, after slumping over 7% the previous day. Prices were supported by stock market gains in Europe and Asia and a softening in the US dollar which moved off highs against the Euro hit the previous day. However, worries over the global economy and declines in oil demand served to limit the level of price recovery. At 8:30 GMT on Tuesday, the Dubai Mercantile Exchange (DME) May Oman futures contract settled at $46.68/bbl, down $2.30/bbl on the previous day’s close.

NAPHTHA: Asian naphtha prices closed softer Tuesday. First half May price indications were pegged at $454.00-455.00/tonne CFR (cost and freight) Japan, second half May at $448.00-449.00/tonne CFR Japan and first half June at $442.00-443.00/tonne CFR Japan.

BENZENE: Prices were at $570-580/tonne FOB (free on board) Korea, higher than the level seen on Tuesday morning. Offers were heard for any May loading at $578-585/tonne FOB Korea against bids at $560-570/tonne FOB Korea.

TOLUENE: Prices remained at $575-585/tonne FOB Korea with offers for May parcels at $580-600/tonne FOB Korea versus bids at $570-575/tonne FOB Korea. The bid-offer level for second half April loading was heard at $572-579/tonne FOB Korea.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
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