NOON SNAPSHOT - Asia Markets Summary

16 June 2011 05:00  [Source: ICIS news]

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

CRUDE: WTI Jul $95.50/bbl, up 69 cents; BRENT Aug $114.27/bbl, up $1.26
Crude futures strengthened in the morning, with Brent rising by more than $1/bbl, buoyed by a larger-than-forecast fall in US crude stocks and a softer US dollar. Crude prices had plummeted in the previous session amid woes over Greek debt.

NAPHTHA: $935-938/tonne CFR Japan, down $30.50-32.50/tonne
Naphtha prices fell sharply in the morning, following the overnight fall in crude futures.

BENZENE: $1,085-1,095/tonne FOB Korea, down $10/tonne
Benzene slipped on the back of lower naphtha prices and the sharp decline in crude futures. A deal was heard for August loading at $1,083/tonne FOB Korea, while offers at $1,084-1,085/tonne FOB Korea met bids at $1,079-1,082/tonne FOB Korea.

TOLUENE: $1,050-1,060/tonne FOB Korea, down $10/tonne
Toluene prices tracked the decline in the naphtha market, but did not fall as sharply as crude futures. A bid for July loading was heard at $1,053/tonne FOB Korea, while the August bid-offer range was heard at $1,042-1,055/tonne FOB Korea.

ETHYLENE: $1,100-1,130/tonne CFR NE ASIA, stable
Ample supply continues to dampen buying sentiment, while a buy-sell gap hampered trade. Buying indications were at the low end of the range, against selling ideas at about $30/tonne higher.

PROPYLENE: $1,400-1,440/tonne CFR NE Asia, down $10-20/tonne
Lower selling ideas and offers were heard at $1,440-1,460/tonne CFR China, while buying ideas slipped to around $1,400/tonne CFR China. Discussions for July shipments are ongoing.   

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
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