31 January 2011 04:06 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Monday’s mid-day Asia oil and chemical market summary from ICIS.
CRUDE: WTI Mar $90.00/bbl, up 66 cents; BRENT Mar $99.75/bbl, up 33 cents
Crude futures strengthened in the morning, with ICE Brent futures trading at close to 28-month highs amid concerns that the civil unrest in Egypt could spread to other nations in the Middle East and threaten the shipment of oil through the Suez Canal.
NAPHTHA: $874.50–877.50/tonne CFR Japan, up $14.25–16.75/tonne
The Asia first-half March naphtha contract surged on the back of robust crude futures, which had risen on geopolitical worries in Egypt.
BENZENE: $1,135–1,145/tonne FOB Korea, stable
Trading was lacklustre, with no upward movement in prices seen during the morning. Bids for March-loading cargoes were heard unchanged from last week’s close at $1,135/tonne FOB Korea.
TOLUENE: $975–985/tonne FOB Korea, up $20/tonne
Sentiment was firmer in the morning amid a hike in crude futures, but trading was subdued prior to the Lunar New Year holidays. Bids for any-March shipments were heard at $970–973/tonne FOB Korea, while an offer was heard at $990/tonne FOB Korea.
ETHYLENE: $1,260–1,290/tonne CFR NE Asia, up $10/tonne
Ethylene prices rose in line with higher selling ideas at close to $1,300/tonne CFR NE Asia. Some traders anticipated that supply would tighten when the cracker turnaround season kicks off next month.
PROPYLENE: $1,370–1,390/tonne, stable
Propylene prices were range-bound, as market players adopted a wait-and-see stance ahead of the Lunar New Year holidays this week. Selling targets were maintained at close to $1,400/tonne CFR NE Asia, while end-users capped their buying ideas at the low end of the range.
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