NOON SNAPSHOT - Asia Markets Summary

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

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

CRUDE: WTI June $94.33/bbl, down 45 cents; BRENT June $111.08/bbl, down 49 cents
Crude futures softened in the morning amid concerns that deeply-indebted Greece could leave the eurozone.

NAPHTHA: $927.50-930.50/tonne CFR Japan, up $0.50-2.50/tonne
Open-spec naphtha prices increased on news that buyers could be interested in securing low-priced prompt cargoes. There were no bids or offers reported.

BENZENE: $1,095-1,125/tonne FOB Korea, down $25/tonne
Prices slipped further on weaker crude and US benzene prices, with offers for cargoes loading in the first and second halves of June heard at $1,140-1,150/tonne and $1,105-1,115/tonne FOB Korea, respectively. Offers for July shipments at $1,090/tonne FOB Korea met bids at $1,060-1,077/tonne FOB Korea.

TOLUENE: $1,110-1,130/tonne FOB Korea, down $15-25/tonne
Prices for June were assessed lower on offers for July-loading lots heard at $1,093-1,105/tonne FOB Korea. The inter-month spread for June and July was heard at about $25/tonne backwardation. Offers for August shipments were heard at $1,090-1,100/tonne FOB Korea against bids at $1,070/tonne FOB Korea.

ETHYLENE: $1,190-1,230/tonne CFR NE Asia, stable
A $1,180/tonne CFR China deal for a 3,000 tonne spot cargo of Asian origin for first-half June arrival could not be confirmed. Despite muted buying interest, selling notions remained at above $1,200/tonne CFR NE Asia because of a lack of inventory pressure, said some traders.

PROPYLENE: $1,290-1,320 /tonne CFR NE Asia, down $10/tonne
Most market players remained on the sidelines amid falling crude prices and cautious market sentiment. Selling ideas were heard at $1,320/tonne CFR NE Asia, which did not attract buying interest.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
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