EVENING SNAPSHOT - Asia Markets Summary

03 August 2010 11:37  [Source: ICIS news]

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

Sep WTI $81.39/bbl up 5 cents ; Sep BRENT $80.98/bbl up 16 cents
Crude futures edged higher on Tuesday afternoon after rising by more than $2/bbl in the previous session. Prices remained supported by equity market gains and a weaker US dollar. At 8:30 GMT on Tuesday, the Dubai Mercantile Exchange (DME) October Oman futures contract settled at $77.39/bbl, up $1.51/bbl on the previous close.

NAPHTHA: $674.00-675.00/tonne CFR Japan, down $4.00-6.00
Asian first-half September contract closed lower at $674.00-675.00/tonne CFR Japan on Tuesday, pulling back from earlier crude-driven gains due to lower-than-expected arbitrage Middle East spot supply to the US and Asia would absorb the surplus instead. The naphtha crack spread versus Brent crude fell to a nine-session low of $69.25/tonne. Meanwhile, the second-half September contract was valued at $675.00-676.00/tonne CFR Japan, while the first-half October contract stood at $676.50-677.50/tonne CFR Japan.

BENZENE: $880-895/tonne, up $5
Prices remained firm and supported by strong crude futures, with a deal for second-half August loading heard at $880/tonne FOB Korea. Offers for September-loading lots continued to hover at $897-900/tonne FOB Korea.

TOLUENE: $790-800/tonne, down $5
Prices edged $5/tonne lower amid limited trading. Buy-sell indications for September loading lots were heard at $790-805/tonne FOB Korea

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
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