EVENING SNAPSHOT – Asia Markets Summary
07 May 2012 11:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Monday’s end-of-day Asia oil and chemical market summary from ICIS.
CRUDE: WTI Jun $97.83/bbl, down 66 cents; BRENT Jun $112.60/bbl, down 58 cents
Crude futures were trading down on the previous close in the afternoon, but regained ground from losses earlier in the day amid a weakening of the US dollar. The market continued to be affected by eurozone worries following elections in France and Greece of anti-austerity political leaders as well as downbeat US jobs data.
NAPHTHA: $934-936/tonne CFR Japan, down $1.50-2.50/tonne
Open-spec naphtha prices softened in line with concluded trades. Mabanaft bought two cargoes scheduled for delivery in the first half of July from Vitol and BP at $935/tonne CFR Japan.
BENZENE: $1,175-1,180/tonne FOB Korea, up $5-7/tonne
Prices firmed, with a deal heard for June loading at the high end of the range, while two deals for July lifting were heard at $1,170/tonne FOB Korea. Offers for June at $1,181-1,185/tonne FOB Korea were met with bids at $1,170-1,176/tonne FOB Korea.
TOLUENE: $1,180-1,190/tonne FOB Korea, stable
Prices were unchanged as offers for June loading were at $1,195/tonne FOB Korea against bids at $1,175-1,180/tonne FOB Korea. Offers for July at $1,187-1,190/tonne FOB Korea were countered by bids at $1,175-1,180/tonne FOB Korea.
ETHYLENE: $1,270-1,310/tonne CFR NE Asia, stable
No CFR NE Asia deals were done but a 4,000-tonne spot cargo of Middle East origin was sold into the Philippines at $1,230/tonne CFR for second-half May arrival, although this could not be immediately confirmed.
PROPYLENE: $1,410-1,430/tonne CFR NE Asia, stable
Buying interest for first-half June arrival was capped at around $1,400/tonne CFR NE Asia against selling ideas at close to $1,450/tonne CFR NE Asia.
By: Staff Reporter
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