NOON SNAPSHOT - Asia Markets Summary

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

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

CRUDE: WTI JUN $95.93/bbl down, $1.15; BRENT JUN $111.92/bbl down 81 cents
Crude futures weakened on Friday morning on concerns over global demand amid the ongoing European debt crisis and ahead of the release of keenly awaited Chinese economic data. Meanwhile, OPEC reported that it increased production in April.

NAPHTHA: $927.50-930.50/tonne CFR Japan, down $6.50/tonne
Open-spec naphtha prices fell on the back of weak demand and increased spot supplies from India. Buyers were sidelined for most of Friday morning.

BENZENE: $1,175-1,185/tonne FOB Korea, up $15-17/tonne
Prices rose as some players were heard to be short covering for June, with two deals for first half June loading heard at $1,185/tonne FOB Korea. The inter-month spread for first half June and July was at about $20-25/tonne backwardation, with the July bid-offer range at $1,150-1,160/tonne FOB Korea.

TOLUENE: $1,158-1,170/tonne FOB Korea, steady
No talks were heard for June lifting on Friday. Two deals for July and August loading cargoes were heard at $1,155/tonne FOB Korea, while bids for July were heard at $1,150-1,155/tonne FOB Korea.

ETHYLENE: $1,250-1,270/tonne CFR NE Asia, down $20/tonne at the high end
Selling indications for first-half June arrival parcels were at the mid-to-high $1,200s/tonne CFR NE Asia while sporadic buying interest remained at below $1,250/tonne CFR NE Asia.

PROPYLENE: $1,310-1,340 /tonne CFR NE Asia, down $20-30/tonne
Talk of deals at $1,300-1,310/tonne CFR NE Asia for June arrival could not be immediately confirmed while selling ideas hovered at $1,340-1,350/tonne CFR NE Asia.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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