NOON SNAPSHOT - Asia Markets Summary

29 March 2011 05:00  [Source: ICIS news]

SINGAPORE (ICIS)--Here is Tuesday’s midday Asia oil and chemical market summary from ICIS.

CRUDE: WTI May $103.43/bbl, down 55 cents; BRENT May $114.31/bbl, down 49 cents
Crude futures lost ground in the morning amid a decline in Japanese equity markets and advances by rebel forces in Libya. However, the downside remained limited by the ongoing turmoil in the Middle East.   

NAPHTHA: $987.50-990.50/tonne CFR Japan, down $2.50-3.50/tonne
Naphtha prices for the first half of May edged down because of weaker global crude futures.

BENZENE: $1,135-1,150/tonne FOB Korea, down $5/tonne
Prices slipped as crude futures fell during overnight trading. Discussions remained thin, with offers at the high end countered by bids for May loading at the mid-to-low end of the range. Offers for June lifting at $1,140/tonne FOB Korea met bids at $1,130/tonne FOB Korea.

TOLUENE: $1,060-1,070/tonne FOB Korea, stable
Prices were unchanged amid a lack of discussions for May-loading parcels. Offers for June shipments at $1,069/tonne FOB Korea were countered by bids at $1,055-1,056/tonne FOB Korea.

ETHYLENE: $1,300-1,350/tonne CFR NE Asia, stable
Prices were range-bound, with trade hindered by a wide buy-sell gap. Offers of April cargoes were reiterated at $1,350/tonne CFR NE Asia, versus bids in China at $1,300/tonne CFR.

PROPYLENE: $1,570-1,620/tonne CFR NE Asia, stable
Offers were scant as supply was tight but buying ideas were capped at $1,550/tonne CFR China, in line with persistently low Chinese domestic prices. Notional selling ideas hovered at the high end of the range and above.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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