09 May 2012 05:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Wednesday’s midday Asia oil and chemical market summary from ICIS.
CRUDE: WTI June $96.65/bbl, down 36 cents; BRENT June $112.30/bbl, down 43 cents
Crude futures softened in the morning because of a stronger US dollar, worries about the eurozone debt crisis and a larger-than-expected build-up in US crude stocks.
NAPHTHA: $947-950/tonne CFR Japan, up $2-3/tonne
Open-spec naphtha prices on the back of news that South Korean buyers could be entering the spot market to secure prompt cargoes. However, there were no firm bids or offers heard in the morning.
BENZENE: $1,170-1,177/tonne FOB Korea, down $8-10/tonne
Prices fell in tandem with weaker energy prices. Two deals for June loading were heard done at $1,175-1,177/tonne FOB Korea, while offers for the second half of June were at $1,175-1,182/tonne FOB Korea. July offers at $1,168-1,178/tonne FOB Korea met bids at $1,160-1,161/tonne FOB Korea.
TOLUENE: $1,175-1,185/tonne FOB Korea, down $5/tonne
Prices declined, with buy-sell indications for June loading heard at $1,175-1,185/tonne FOB Korea. Offers for July lifting at $1,175-1,180/tonne FOB Korea met bids at $1,170-1,172/tonne FOB Korea.
ETHYLENE: $1,270-1,300/tonne CFR NE Asia, stable
No CFR NE Asia deals were heard concluded, but a 4,300-4,400 tonne spot cargo of Thai origin was available for sale for loading at the end of May or early June. However, discussions have yet to begin, market sources said.
PROPYLENE: $1,360-1,380 /tonne CFR NE Asia, down $5/tonne at high end
Buying ideas fell to $1,340-1,350/tonne CFR NE Asia for any June arrival, against selling ideas at up to $1,380/tonne CFR NE Asia. Discussions are underway and are largely in China, market sources said.
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