14 March 2011 04:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Monday’s midday Asia oil and chemical market summary from ICIS.
CRUDE: WTI Apr $99.65/bbl, down $1.51; BRENT Apr $111.85/bbl, down $1.99
Crude futures dropped sharply in the morning, amid concerns over the impact of Friday’s devastating earthquake and tsunami on oil demand and Japan’s economic growth.
NAPHTHA: $984–987/tonne CFR Japan, down $4–5/tonne
Asian naphtha prices fell as Japan was hit by another nuclear reactor blast in the wake of a deadly quake on last Friday. Many crackers near the epicentre were left idle, sources said.
BENZENE: $1,160–1,175/tonne FOB Korea, stable
Discussions for April were limited as market players were still assessing the impact of the earthquake in Japan. The bid-offer range for May loading widened. Offers rose by $20/tonne to $1,200/tonne FOB Korea, while bids remained at the low end of the range.
TOLUENE: $1,035–1,045/tonne FOB Korea, up $5/tonne
The earthquake in Japan had minimal impact on Asian toluene prices, as regional demand remained weak. Bids for April loading were mentioned at the middle of the range, while offers were at around $1,048/tonne FOB Korea. No transactions were located by mid-day.
ETHYLENE: $1,270–1,300/tonne CFR NE Asia stable
Ethylene spot prices were steady in thin trade. However, some traders said spot prices could spike in the coming weeks if some crackers in Japan remained shut for an extended period. Selling ideas were earlier mentioned at above the high end of the range, but no deals were reported.
PROPYLENE: $1,540–1,570/tonne CFR NE Asia, stable
Propylene spot prices held steady. Selling ideas stayed at the high $1,500s/tonne CFR NE Asia, amid expectations of supply shortages from Japan after Friday’s quake forced the shutdown of several petrochemical facilities in the country. No bids emerged as buyers were sidelined.
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