31 January 2011 10:09 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Monday’s end-of-day Asia oil and chemical market summary from ICIS.
CRUDE: WTI Mar $90.09/bbl, up 75 cents; BRENT Mar $99.14/bbl, down 28 cents
WTI Crude futures were buoyed by the unrest in Egypt and worries over the security of oil shipments through the Suez Canal. However, upward pressure was tempered by a strong US dollar, which undermined ICE Brent values and narrowed the wide Brent-WTI spread.
NAPHTHA: $883–885/tonne CFR Japan, up $7.50–8.50/tonne
The Asia first-half March naphtha contract extended its rally in the afternoon, on the back of robust crude futures. The naphtha crack spread versus Brent crude futures widened to $139.10/tonne from $126.33/tonne on Friday.
BENZENE: $1,130–1,140/tonne FOB Korea, down $5/tonne
Prices slipped in the afternoon, as sentiment had been weakened by the declines seen in the US market last Friday. The bid-offer range for March shipment was heard at $1,125–1,150/tonne FOB Korea.
TOLUENE: $965–975/tonne FOB Korea, down $10/tonne
Prices slipped in the afternoon and a bid for second half-February loading was cited at $964/tonne FOB Korea. A deal for March loading was heard done at $971/tonne FOB Korea, while the bid-offer range narrowed to $970–975/tonne FOB Korea.
ETHYLENE: $1,260–1,290/tonne CFR NE Asia, stable
Ethylene spot prices held steady as market players were sidelined ahead of the Lunar New Year holidays. There was talk of a possible tender for a 4,000–5,000 tonne spot cargo of Middle East origin for second half-February loading, but further details were not available.
PROPYLENE: $1,370–1,400/tonne CFR NE Asia, up $10/tonne
Prices edged higher, in line with selling indications. Some traders mentioned their selling ideas at around $1,400/tonne CFR NE Asia in anticipation of tighter supply amid the cracker turnaround season next month. No bids emerged, as the key Chinese players were mostly covered.
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