EVENING SNAPSHOT - Asia Markets Summary

02 March 2011 10:00  [Source: ICIS news]

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

CRUDE: WTI Apr $100.23/bbl, up 60 cents; BRENT Apr $115.77/bbl, up 35 cents
Crude futures prices strengthened, driven by ongoing violent unrest in Libya and resultant worries of supply disruptions amid simmering discontent elsewhere in the region. An unexpected fall in US crude stocks added further support.

NAPHTHA: $990-992/tonne CFR Japan, down $13-14/tonne
Asia naphtha pared earlier crude-triggered gains in late trade, but prices were significantly higher than a day ago on robust crude futures. The volatility in naphtha pushed players to the sidelines, with no trades in sight.

BENZENE: $1,175-1,185/tonne FOB Korea, down $5/tonne
Trade for any-April parcels was done at $1,180/tonne FOB Korea. Offers for any-April cargoes at the high end of the range were met with bids at the low end of the range.

TOLUENE: $1,025-1,035/tonne FOB Korea, up $5/tonne
Asian toluene prices strengthened on the back of bullish crude futures. Selling indications were heard at $1,030/tonne FOB Korea for second-half March cargoes and $1,040/tonne FOB Korea for April parcels. Buying indications, however, were limited.

ETHYLENE: $1,350-1,400/tonne CFR NE Asia, stable
Asian ethylene spot prices were unchanged as most buyers had covered their requirements for March and discussions remained limited. Selling ideas at above the high end of the range were met with buying ideas from selected end-users in the mid-to-high $1,300s/tonne CFR NE Asia, market sources said.

PROPYLENE: $1,480–1,520/tonne CFR NE Asia, up $20/tonne
Asian propylene spot prices gained $20/tonne on firmer discussions in a tightly supplied market. Selling ideas were heard in the low $1,500s/tonne CFR NE Asia against buying ideas at $1,480-1,500/tonne CFR NE Asia, market sources said.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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