EVENING SNAPSHOT - Asia Markets Summary

03 March 2011 10:11  [Source: ICIS news]

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

CRUDE: Apr WTI $101.98/bbl, down 25 cents/bbl; Apr BRENT $116.16/bbl, down 19 cents/bbl
Crude futures prices lost ground on Thursday, with ICE Brent dropping more than $3/bbl at one stage amid news of a possible Libyan peace plan.

NAPHTHA: $1,005-1,007/tonne CFR Japan, up $3-5/tonne
Asia naphtha closed higher on Thursday, the strongest since 22 August following a cash deal. In open market trading, Cargill bought a cargo from Vitol at $1,002/tonne CFR Japan for H1 May.

BENZENE: $1,175-1,185/tonne FOB Korea, stable
Trade was thin with firm bids and offers scant as market players adopted a cautious stance. A deal was heard done at $1,178/tonne FOB Korea for any May loading.

TOLUENE: $1,025-1,035/tonne FOB Korea, stable.
Asian toluene prices were little changed despite bullish energy futures. Offers at $1,035/tonne FOB Korea for H2 March parcels and $1,040-1,045/tonne FOB Korea for April cargoes met with limited buying interest.

ETHYLENE: $1,350-1,400/tonne CFR NE Asia, unchanged
Asian ethylene spot prices were stable amid ongoing negotiations. Firmer naphtha feedstock costs kept selling ideas for ethylene spot parcels at above $1,400/tonne CFR NE Asia, while some traders were still waiting for firm bids. Other buyers in northeast Asia had already fulfilled their spot requirements and were not interested in fresh purchases.

PROPYLENE: $1,500–1,520/tonne CFR NE Asia, stable
Asian propylene spot prices were steady. Selling ideas were reiterated up to around $1,550/tonne CFR NE Asia in a tightly supplied market, but buying ideas ranged from $1,470-1,500/tonne CFR NE Asia. The price gap saw no deals reported.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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