15 March 2011 04:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Tuesday’s midday Asia oil and chemical market summary from ICIS.
CRUDE: WTI Apr $98.88/bbl, down $2.31; BRENT Apr $111.48/bbl, down $2.19
Crude futures slumped in the morning following news of a fourth explosion and radiation concerns at a nuclear facility in earthquake-stricken northeast Japan.
NAPHTHA: $963.50–966.50/tonne CFR Japan, down $4.50–5.50/tonne
Asian naphtha prices fell on Tuesday, undermined by the losses seen in global crude futures. Meanwhile, a few cracker shutdowns in earthquake-hit Japan also led to weaker naphtha prices.
BENZENE: $1,175–1,190/tonne FOB Korea, up $10/tonne
Discussions for May loading edged higher amid concerns that Japan’s benzene supply will tighten as a result of the 11 March earthquake. Bids for any-May loading were at around the high end of the range, against offers at $1,210–1,230/tonne FOB Korea.
TOLUENE: $1,060–1,065/tonne FOB Korea, up $15–20/tonne
Toluene prices were higher, in tandem with the broader bullishness in the aromatics market. Bids for May lots were readily placed at $1,058–1,060/tonne FOB Korea, while offers were at around $1,068/tonne FOB Korea. June particles were negotiated at a $5–7/tonne premium to May.
ETHYLENE: $1,290–1,310/tonne CFR NE Asia, up $10–20/tonne
Prices rose as market participants said it could be difficult to get spot cargoes at below $1,300/tonne CFR NE Asia following fewer term exports from Japan. Separately, a bid for an early-April loading parcel from Korea was mentioned at $1,300/tonne FOB Korea, but the producer was eyeing sales at above that level.
PROPYLENE: $1,550–1,570/tonne CFR NE Asia, up $10/tonne
Propylene spot prices increased in a tightly supplied market. Discussions were limited, as sellers were still assessing the impact from the quake in Japan. Earlier selling ideas were at the high $1,500s/tonne CFR NE Asia, while buying ideas hovered at or below the low end.
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