16 March 2011 04:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Wednesday’s midday Asia oil and chemical market summary from ICIS.
CRUDE: WTI Apr $96.70/bbl, down 48 cents; BRENT Apr $107.41/bbl, down $1.11
Crude futures fell in late morning trade, giving back earlier gains. Prices fell amid worries over Japan following the massive earthquake and tsunami, and the resulting damage to nuclear facilities.
NAPHTHA: $914.50-917.50/tonne CFR Japan, down $28.50-29.50/tonne
Asia naphtha prices fell in tandem with global oil futures and continuous shutdowns of a few crackers in quake-ravaged Japan.
BENZENE: $1,200-1,215/tonne FOB Korea, stable
Asia’s benzene prices were stable as market players stayed on the sidelines following active trade on Tuesday, assessing the impact of Japan’s earthquake on regional benzene supply.
TOLUENE: $1,055-1,070/tonne FOB Korea, stable
A bid for a second-half April loading parcel was located at the low end of the range, but no offers were located. A second bid for a May-loading cargo was located at parity to the average of published April FOB Korea prices.
ETHYLENE: $1,300-1,330/tonne CFR NE Asia, stable
Asian ethylene prices held steady amid thin discussions as market players preferred to stay on the sidelines to assess the impact from Friday’s quake and tsunami in Japan. Sporadic buying ideas remained at below the low end of the range, but no offers were heard.
PROPYLENE: $1,550–1,600/tonne CFR NE Asia, up $30/tonne
Asian propylene spot prices rose $30/tonne, reflecting higher selling ideas heard at or above the high end of the range for end-March/first half-April arrival cargoes. Competitively-priced domestic material, however, capped buying ideas at around the low end of the range.
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