28 February 2011 10:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Monday’s end-of-day Asia oil and chemical market summary from ICIS.
CRUDE: WTI Apr $98.84/bbl, up 96 cents; BRENT Apr $113.54/bbl, up $1.40
Crude futures prices strengthened, but moved off earlier highs by the afternoon. Crude values were buoyed by continuing violence in Libya amid growing concerns that the unrest could spread to other oil-producing countries in the region following protests in Oman, Bahrain and Yemen.
NAPHTHA: $975-976/tonne CFR Japan, up $14-16/tonne
Asia naphtha extended gains in late trade, taking a cue from strong global crude futures.
BENZENE: $1,180-1,190/tonne FOB Korea, up $15-20/tonne
Prices rebounded, riding on strong sentiment in the downstream styrene monomer segment. A cargo for any April loading was sealed at $1,085/tonne FOB Korea. Subsequent discussions were heard at the range. The backwardation for the April/May inter-month swap was pegged at around $5/tonne.
TOLUENE: $1,020-1,035/tonne FOB Korea, up $5/tonne
Bullish energy futures sustained toluene prices. Buying indications for April parcels were quoted at the low end of the range, with a deal done in the afternoon at $1,029/tonne FOB Korea for any-April lifting.
ETHYLENE: $1,350-1,400/tonne CFR NE Asia, stable
Prices were stable as a buy-sell gap kept trade thin. Selling ideas were unchanged at above the high end of the range on the back of tight supply in the region, while buying ideas hovered in the mid-to-high $1,300s/tonne CFR NE Asia.
PROPYLENE: $1,450-1,490/tonne CFR NE Asia, stable
Prices were range-bound amid limited discussions. Traders kept their selling ideas at or above $1,500/tonne CFR NE Asia on the basis of snug supply, while buying ideas from some importers in the key China market were close to the low end of the range.
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