EVENING SNAPSHOT - Asia Markets Summary

07 March 2012 10:00  [Source: ICIS news]

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

CRUDE: WTI APR $105.15/bbl up 45 cent/bbl; BRENT APR $122.72/bbl/bbl up 74 cents
Crude futures prices strengthened on Wednesday amid a softer US dollar, news of plans by China to increase energy imports and ongoing supply concerns in Iran.

NAPHTHA: $1,082.00-1,084.00 CFR Japan, up $11.50-12.50/tonne
Open-spec naphtha prices rose by $11.50-12.50/tonne in line with expectations that prompt month supplies could tighten. No deals were concluded.

BENZENE: $1,185-1,195/tonne FOB Korea, up $5/tonne
Prices edged higher in the afternoon as crude futures regained some ground. Offers for April at $1,192-1,195/tonne FOB Korea met bids at $1,187-1,190/tonne FOB Korea. A second deal for May shipment was heard at $1,192/tonne FOB Korea.

TOLUENE: $1,215-1,230/tonne FOB Korea, down $10/tonne
Prices slipped further on Wednesday afternoon with offers for second-half March loading heard at $1,220-1,225/tonne FOB Korea. Bids for April loading were at $1,210/tonne FOB Korea, while the May bid-offer range rose to $1,220-1,235/tonne FOB Korea.

ETHYLENE: $1,300-1,320/tonne CFR NE Asia, stable
High naphtha feedstock costs kept selling ideas for ethylene spot cargoes at above $1,350/tonne CFR NE Asia while buying ideas hovered close to $1,300/tonne CFR NE Asia for April arrival cargoes.

PROPYLENE: $1,400-1,420/tonne CFR NE Asia, steady
A spot cargo of northeast Asia origin was sold to an end-user in Taiwan for end-March arrival on a floating basis, according to market sources.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
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