NOON SNAPSHOT - Asia Markets Summary

01 March 2011 04:00  [Source: ICIS news]

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

CRUDE: WTI Apr $97.21/bbl, up 24 cents; BRENT Apr $112.40/bbl, up 60 cents
Crude futures strengthened, as fears of supply disruptions supported the market amid the continued violence in Libya and concerns of further unrest elsewhere in the region.

NAPHTHA: $960-963/tonne CFR Japan, down $13-15/tonne
Asia naphtha retreated as global crude futures firmed.

BENZENE: $1,180-1,190/tonne FOB Korea, stable
April offers at the high end of the range were met with limited interest, with buyers largely adopting a wait-and-see approach. Buying indications were $20/tonne lower at $1,170/tonne FOB Korea.

TOLUENE: $1,020-1,035/tonne FOB Korea, stable
Discussions for toluene in Asia were muted after crude futures eased in overnight trade. A deal was heard at $1,030/tonne FOB Korea, while no offers were located. Buy-sell indications for April cargoes were limited.

ETHYLENE: $1,350-1,400/tonne CFR NE Asia, stable
Ethylene spot prices were range-bound, reflecting current buy-sell ideas. Traders maintained their selling ideas at the high end of the range because of tight supply in the region amid cracker outages and an ongoing turnaround season. Buyers, meanwhile, preferred to adopt a wait-and-see stance, with buying ideas remaining at the low-to-mid range.

PROPYLENE: $1,450–1,490/tonne CFR NE Asia, stable
Asian propylene spot prices were unchanged in a quiet market. Selling ideas remained close to the high end of the range because of tight supply in the region, while buying ideas were maintained at the low end of the range.

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By: Staff Reporter
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