NOON SNAPSHOT - Asia Markets Summary
31 March 2011 05:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Thursday’s midday Asia oil and chemical market summary from ICIS.
CRUDE: WTI May $104.67/bbl, up 40 cents; BRENT May $115.50/bbl, up 37 cents
Crude futures prices firmed. However, upward price pressure driven by unrest in the Middle East and military action in Libya, was tempered by a larger-than-forecast rise in US crude stocks.
NAPHTHA: $992-995/tonne CFR Japan, down 50 cents/tonne
Asia naphtha prices were largely stable as US crude futures firmed.
BENZENE: $1,150-1,160/tonne FOB Korea, up $15-20/tonne
Prices shot up in line with an overnight hike in US benzene values. Offers for May loading at the high end of the range met bids at $1,150-1,152/tonne FOB Korea, while a deal for June lifting was heard at $1,147/tonne FOB Korea.
TOLUENE: $1,065-1,070/tonne FOB Korea, up $10/tonne
Prices were higher in tandem with an upturn in the region’s benzene values and firm crude futures. A bid for any-May loading was heard at the low end of the range, while the bid-offer range for June shipment was cited at $1,065-1,073/tonne FOB Korea.
ETHYLENE: $1,300-1,360/tonne CFR NE Asia, stable
Trades remained thin as a result of a wide gap in buy-sell ideas. The bulk of buying notions were capped at $1,300/tonne CFR China, with some suppliers withdrawing offers at the $1,400/tonne CFR NE Asia level.
PROPYLENE: $1,570-1,620/tonne CFR NE Asia, stable
Buying ideas were kept at the mid-$1,500s/tonne CFR China, suppressed by persistently low Chinese domestic values. Offers were scant amid tight availability.
For more pricing intelligence, please visit ICIS pricing
By: Staff Reporter
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