12 April 2012 05:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Thursday’s midday Asia oil and chemical market summary from ICIS.
CRUDE: WTI May $102.59/bbl, down 11 cents; BRENT May $120.16/bbl, down 2 cents
Crude futures edged lower ahead of talks between Iran and Western leaders on Tehran’s nuclear programme. Prices rose in the previous session after US government data showed larger-than-expected declines in domestic gasoline and distillate stocks.
NAPHTHA: $1,049.50-1,052.50/tonne CFR Japan, up $4.50-5.50/tonne
Open-spec naphtha prices increased on the back of healthy demand and news of a fall in Japan’s gasoline stocks. There were no firm bids and offers.
BENZENE: $1,165-1,175/tonne FOB Korea, up $5/tonne
Prices firmed in response to an overnight hike in crude futures and in US benzene values. The bid-offer range for second-half May loading was at $1,160-1,175/tonne FOB Korea, while bids for June and July lifting were at $1,170/tonne and $1,170-1,173/tonne FOB Korea respectively.
TOLUENE: $1,205-1,215/tonne FOB Korea, stable
Prices were unchanged, with an offer heard for second-half May loading at the high end of the range. Offers for June loading at $1,223/tonne FOB Korea were met with bids at $1,210/tonne FOB Korea.
ETHYLENE: $1,380-1,420/tonne CFR NE Asia, stable
Most end-users’ requirements were covered by term cargoes and spot demand were limited. Buying interest remained capped at or below $1,400/tonne CFR NE Asia, against selling ideas as high as around $1,500/tonne CFR NE Asia.
PROPYLENE: $1,500-1,550/tonne CFR NE Asia, stable
There remained strong buyer resistance to prices above the low end of the range for May arrival but selling ideas were unchanged in the high $1,500s/tonne CFR NE Asia and above.
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