14 March 2011 10:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Monday’s end-of-day Asia oil and chemical market summary from ICIS.
CRUDE: WTI Apr $99.19/bbl, down $1.97; BRENT Apr $111.60/bbl, down $2.24
Crude futures fell sharply in the afternoon amid concerns over the impact of Friday’s devastating earthquake and tsunami on Japan’s oil demand and economic growth. Meanwhile, worries over Middle East supplies were easing.
NAPHTHA: $969–971/tonne CFR Japan, down $15–16/tonne
Asian naphtha prices extended their losses in late trade, on the back of falling crude futures and weakened naphtha demand from Japan in the wake of the massive earthquake, tsunami and nuclear reactor blasts.
BENZENE: $1,165–1,180/tonne FOB Korea, up $5/tonne
Discussions were focused on May loading, with buying ideas rising to $1,175/tonne in the afternoon. A deal was closed at $1,180/tonne FOB Korea for any-May loading. Some players said prices would strengthen going forward as production in Japan has been reduced because of the 11 March earthquake.
TOLUENE: $1,040–1,050/tonne FOB Korea, up $5/tonne
Toluene prices rose further, with bids for April loading mentioned at the low end of the range, against offers hovering at around $1,048/tonne FOB Korea. Bids for May loading were readily placed at $1,050/tonne FOB Korea.
ETHYLENE: $1,270–1,300/tonne CFR NE Asia, stable
Spot prices remained unchanged, while some swap arrangements were done because of the limited exports from Japan. Selling ideas were at above the high end of the range, but a trader said it could be hard to conclude deals at that level as demand was weak.
PROPYLENE: $1,540–1,570/tonne CFR NE Asia, stable
Propylene spot prices were range-bound, reflecting current buy-sell ideas. Selling ideas stayed at the high $1,500s/tonne CFR NE Asia, on an expected supply shortage from Japan. Buying ideas were earlier mentioned at the low-to-mid $1,500s/tonne CFR NE Asia.
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