Corrected: NOON SNAPSHOT - Asia Markets Summary

25 March 2011 04:00  [Source: ICIS news]

Correction: In the ICIS story headlined "NOON SNAPSHOT - Asia Markets Summary" dated 25 March 2011, please read in the last paragraph ... $1,570-1,620/tonne ... instead of ... $1,570-1,200/tonne ... A corrected story follows.

SINGAPORE (ICIS)--Here is Friday's midday Asia oil and chemical markets summary from ICIS.

CRUDE: May WTI $105.57/bbl, down 3 cents/bbl; May BRENT $115.85/bbl, up 13 cents/bbl
Crude futures were trading close to the previous session close on Friday morning in Asia. Prices remained supported by supply concerns which have been heightened by the ongoing violence in Libya and unrest in the Middle East.

NAPHTHA:
$990-993/tonne CFR Japan, up $3-4/tonne
Asia naphtha prices edged higher on Friday for the first-half May contract as Brent crude futures rose towards $116/bbl.

BENZENE: $1,145-1,155/tonne FOB Korea, down $10-15/tonne
Prices remained on a downtrend in line with weaker energy values and a further fall in the US benzene market. Bids for any May loading were heard at $1,130-1,145/tonne FOB Korea as sellers remained on the sidelines.

TOLUENE: $1,065-1,075/tonne FOB Korea, up $5/tonne
The market was largely stable although crude futures descended during overnight trading. Offers for any May loading at $1,080/tonne FOB Korea met bids at $1,060/tonne FOB Korea.

ETHYLENE: $1,300-1,330/tonne CFR NE Asia, stable
Talk of a deal for a 3,000-tonne cargo for mid-end April shipment at $1,350/tonne CFR China could not be substantiated. Bids for end-April arrival cargoes were pegged at $1,250-1,300/tonne CFR Taiwan, versus offers at $1,350-1,400/tonne CFR NE Asia.

PROPYLENE: $1,570-1,620/tonne CFR NE Asia, stable
Selling indications at $1,650/tonne CFR NE Asia met with little interest, given the weak downstream polypropylene (PP) market. Buying indications were below $1,600/tonne CFR NE Asia.

For more pricing intelligence, please visit ICIS pricing


By: Staff Reporter
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