EVENING SNAPSHOT - Asia Markets Summary

17 May 2010 10:43  [Source: ICIS news]

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

CRUDE: June WTI $71.28/bbl down 33 cents/bbl BRENT June $77.85/bbl down 8 cents/bbl
Crude futures prices were trading just down on last Friday’s settlement levels late on Monday afternoon in Asia after recovering from losses of more than $1/bbl made earlier in the day. However, crude remained pressured by worries over demand from debt ridden European nations, and high US oil inventories which had triggered significant losses last week.

NAPHTHA: $719.00-720.00/tonne down $25.00/tonne
Naphtha was assessed lower in Asia on Monday following sharp falls in crude last Friday. The second half June open spec naphtha contract was valued at $719.00-720.00/tonne CFR Japan, down around $25.00/tonne. First half July contact was valued at $714.50-715.50/tonne CFR Japan, while the second half July contract was assessed at $710.00-711.00/tonne CFR Japan.

BENZENE: $880-890/tonne; $25-30/tonne lower
Prices plummeted further in the afternoon as crude values continued its descent. No June prices were heard, but they were notionally pegged lower than July bids and offers which were hovering at $880-910/tonne FOB Korea.

TOLUENE: $785-800/tonne; $20/tonne lower
Prices fell further on Monday afternoon, pressured by the continuing fall in crude futures and weak market fundamentals in this region. Offers were heard for H2 June loading at $795-815/tonne FOB Korea amid a lack of bids.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
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