NOON SNAPSHOT – Asia Market Summary

10 May 2012 05:00  [Source: ICIS news]

SINGAPORE (ICIS)--Here is Thursday’s midday Asia oil and chemical market summary from ICIS.

CRUDE: WTI June $96.38/bbl, down 43 cents BRENT June $112.66/bbl, down 54 cents
Crude futures weakened in the morning, undermined by a firmer US dollar and a larger- than-expected build in US crude stocks. However, eurozone worries eased after Greece received its latest bailout funds despite recent political events.

NAPHTHA: $944.50-947.50/tonne CFR Japan, up $1.50-3.50/tonne
Open-spec naphtha prices rose as news that Greece will receive its latest debt bailout payment calmed nerves among Asian market participants. There were no firm bids or offers reported.

BENZENE: $1,165-1,177/tonne FOB Korea, stable
Buy-sell indications for July/August spread were heard flat to $4-5/tonne premium. An inter-trade surfaced at $1,157/tonne FOB Korea, any August lifting.

TOLUENE: $1,157-1,163/tonne FOB Korea, down $8-12/tonne
Buy-sell indications for July were at $1,150-1,160/tonne FOB Korea. Bids for July cargoes were also heard at $1,170-1,185/tonne CFR east China. The June/July inter-month time spread was valued at a $5-6/tonne backwardation

ETHYLENE: $1,250-1,300/tonne CFR NE Asia, stable
Talk persisted in the market of a prompt second-half May arrival spot cargo available for sale at $1,230/tonne CFR NE Asia but this could not be immediately confirmed.

PROPYLENE: $1,350-1,380 /tonne CFR NE Asia, stable
Buying ideas were maintained at $1,350/tonne CFR NE Asia and below for June arrival, while selling ideas were at the high $1,300s/tonne CFR NE Asia, market sources said.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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