EVENING SNAPSHOT - Asia Markets Summary

03 February 2010 09:57  [Source: ICIS news]

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

CRUDE Mar WTI $77.77/bbl up 54 cents/bbl BRENT Mar $76.66/bbl up 60 cents/bbl
Crude futures gained ground on Wednesday, buoyed by equity market gains in Asia and a more upbeat economic sentiment. Increases came despite US inventory data revealing a larger than forecast build in crude stocks. At 8:30 GMT on Wednesday, the Dubai Mercantile Exchange (DME) April Oman futures contract settled at $76.41/bbl, up $3.12/bbl on the previous day.

NAPHTHA: First-half March open-spec naphtha closed on Wednesday at $716.50-720.50/tonne CFR (cost and freight) Japan, up $18.50-19.50/tonne from levels earlier in the session and extending crude-driven gains from Tuesday. Benchmark naphtha crack spread firmed up to a three-day high of $145.35/tonne versus Brent. The second-half March naphtha contract was assessed at $711.50-715.50/tonne CFR Japan, while the first-half April contract was pegged at $694.00-710.00/tonne CFR Japan.

BENZENE: Trading was lacklustre with a sole bid for March loading heard at $965/tonne FOB Korea. Offers for April shipments were cited at $990/tonne FOB Korea that met bids at $970-980/tonne FOB Korea.

TOLUENE: Prices were hovering at $880-895/tonne FOB Korea level with a bid for March loading heard at $880/tonne FOB Korea. A deal was reported for any April lifting at $895/tonne FOB Korea.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
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