04 March 2011 04:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Friday's midday Asia oil and chemical market summary from ICIS.
CRUDE: WTI Apr $102.30/bbl, up 39 cents; BRENT Apr $115.30/bbl, up 51 cents
Crude futures firmed in the morning, amid uncertainties over a Libyan peace plan that was proposed by Venezuelan President Hugo Chavez.
NAPHTHA: $1,002–1,005/tonne CFR Japan, down $2–3/tonne
Asian naphtha prices retreated after making robust gains in the previous session, but the second-half April contract held at above $1,000/tonne on persistently high crude oil prices.
BENZENE: $1,180–1,185/tonne FOB Korea, up $5/tonne
Prices edged up as upstream crude futures continued to trend higher. Offers for any-April loading at the mid-to-high end of the range met bids at $1,175/tonne FOB Korea.
TOLUENE: $1,035–1,045/tonne FOB Korea, up $10/tonne
Prices firmed in line with higher crude values. Offers for April were cited at $1,044/tonne FOB Korea against bids at the middle of the range, while offers for May lifting were heard at $1,050/tonne FOB Korea.
ETHYLENE: $1,350–1,400/tonne CFR NE Asia, stable
Ethylene spot prices were range-bound in thin trade. Strong naphtha feedstock costs kept selling ideas at above the high end of the range, but no bids emerged as most buyers were covered.
PROPYLENE: $1,500–1,550/tonne CFR NE Asia, up $30/tonne
Propylene spot prices rose on the back of tight supply, in line with negotiations for end-March/early-April arrival cargoes at the high end of the range.
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