EVENING SNAPSHOT - Asia Markets Summary

28 March 2011 11:00  [Source: ICIS news]

SINGAPORE (ICIS)--Here is Monday’s end-of-day Asia oil and chemical market summary from ICIS.

CRUDE: WTI May $104.84/bbl, down 56 cents; BRENT May $115.04/bbl, down 55 cents
Crude futures weakened on Monday afternoon amid a stronger US dollar. Nevertheless, the downside was limited by supply worries following military action in Libya and the ongoing turmoil in the Middle East.   

NAPHTHA: $991–993/tonne CFR Japan, down $8–9/tonne
Naphtha prices for the first half of May closed lower on Monday, tracking the decline in global crude futures. Meanwhile, Shell sold a second-half May naphtha cargo to Cargill in open market trading at $988/tonne CFR Japan.

BENZENE: $1,140–1,150/tonne FOB Korea, down $5/tonne
Trade remained thin, with only bids for May loading heard at the low end of the range and below. Offers for June shipments at $1,145–1,148/tonne FOB Korea met bids at $1,133/tonne FOB Korea.

TOLUENE: $1,060–1,070/tonne FOB Korea, down $5/tonne
Prices edged lower, in line with the bid-offer range for May. Meanwhile, a bid for June lifting was cited at $1,058/tonne FOB Korea.

ETHYLENE: $1,300–1,350/tonne CFR NE Asia, stable
Selling notions for sporadic China and Taiwan-origin cargoes for April loading rose to $1,300–1,350/tonne FOB NE Asia, in light of the prevailing firm upstream naphtha values. However, serious discussions were scarce.

PROPYLENE: $1,570–1,620/tonne CFR NE Asia, stable
Prices remained unchanged as a slight increase in domestic values in the key China market failed to boost sentiment. Buying ideas lingered at below $1,550/tonne CFR China, as the prevailing domestic prices placed the import equivalent for propylene at the low $1,500s/tonne CFR China.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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