17 June 2011 05:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Friday’s midday Asia oil and chemical market summary from ICIS.
CRUDE: WTI Jul $94.94/bbl, down 1 cent; BRENT Aug $114.03/bbl, up 1 cent
Crude futures were range-bound, after gaining some ground in the previous session. Prices were buoyed on Thursday after the International Energy Agency (IEA) raised its global demand forecast for 2011 and urged OPEC to increase its supply, amid worries that reduced spare production capacity will continue to pressure oil markets.
NAPHTHA: $944-947/tonne CFR Japan, down $3-4/tonne
Asian naphtha prices were softer, undermined by continued weak demand from the petrochemical sector.
BENZENE: $1,090-1,095/tonne FOB Korea, up $5/tonne
Prices were stable-to-firm in line with some firmness in energy values seen in morning trade. A deal for any-August loading was heard done at $1,090/tonne FOB Korea, while offers at $1,093/tonne FOB Korea were met with bids at $1,088/tonne FOB Korea.
TOLUENE: $1,060-1,070/tonne FOB Korea, up $5/tonne
A stable-to-firm trend was seen on Friday morning in line with the benzene market. Offers for August loading were at $1,063/tonne FOB Korea, against bids at $1,056-1,058/tonne FOB Korea.
ETHYLENE: $1,100-1,130/tonne CFR NE Asia, stable
Trade was limited in a subdued market, amid a gap in buy-sell indications. Ample supply continued to dampen buying interest, with buying indications hovering at the low end of the range, against selling indications at least $30/tonne higher.
PROPYLENE: $1,420-1,430/tonne CFR NE Asia, stable
A gap between buy-sell ideas continued to hamper trade. Buyers in the key China market capped buying ideas at $1,420/tonne CFR China, in line with lacklustre domestic values. Offers hovered above $1,440/tonne CFR China for early July shipment. A deal was heard at $1,440/tonne CFR China, but details were not forthcoming.
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