03 March 2011 04:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Thursday’s midday Asia oil and chemical market summary from ICIS.
CRUDE: WTI Apr $102.61/bbl, up 38 cents; BRENT Apr $116.84/bbl, up 49 cents
Crude futures strengthened and were close to two-and-a-half year highs amid worries of supply disruptions, which were generated by the ongoing crisis in Libya.
NAPHTHA: $1,000–1,004/tonne CFR Japan, up $10–12/tonne
Asian naphtha prices rose in the morning, buoyed by robust global crude futures.
BENZENE: $1,175–1,185/tonne FOB Korea, stable
Sellers pushed up their offers for any April to $1,200/tonne FOB Korea following a rally in crude oil prices. However, bids were scant as buyers stayed on the sidelines to wait for a clearer picture.
TOLUENE: $1,025–1,035/tonne FOB Korea, stable
Bullish energy futures continued to sustain Asian toluene prices. Meanwhile, buying indications for May were heard at $1,050/tonne FOB Korea, while selling indications were limited.
ETHYLENE: $1,350–1,400/tonne CFR NE Asia, stable
Ethylene spot prices remained steady in thin trade. Buying sentiment towards selling ideas for spot parcels at the high end of the range remained weak because of concerns over derivative polymer pricing. No bids emerged.
PROPYLENE: $1,500–1,520/tonne CFR NE Asia, up $20/tonne
Propylene spot prices rose, reflecting firmer buying ideas amid tight supply in the region. Buying ideas were capped at around the low end of the range, while selling ideas were heard at around $1,550/tonne CFR NE Asia.
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