EVENING SNAPSHOT - Asia Markets Summary

16 May 2012 11:59  [Source: ICIS news]

SINGAPORE (ICIS)--Here is Wednesday’s end-of-day Asia oil and chemicals markets summary.

CRUDE: June WTI $92.22/bbl, down $1.76/bbl; June BRENT $110.69/bbl, down $1.55/bbl
Crude prices continued to decline in the afternoon trade on heightened concerns that debt-laden Greece could leave the eurozone, and following a larger-than-expected build in US crude stocks.

NAPHTHA: $902.00-904.00/tonne CFR Japan, down $7.00-8.00/tonne
Concerns over the eurozone and the health of the global economy dampened buying interest for naphtha.

BENZENE: $1,090-1,105/tonne FOB Korea, down $10/tonne
The inter-month spread for June and July were notionally assessed at a backwardation. Bids for July were heard at $1,065/tonne FOB Korea, while a fourth deal for August was heard at $1,060/tonne FOB Korea.

TOLUENE: $1,075-1,090/tonne FOB Korea, down $15-20/tonne
Prices slipped in tandem with crude futures, with the inter-month toluene spread for June and July pegged at a backwardation. Offers for July loading at $1,075/tonne FOB Korea met bids at $1,040-1,045/tonne FOB Korea.

ETHYLENE: $1,190-1,230/tonne CFR NE Asia, stable
No deals were heard as sellers and buyers remained sidelined amid the recent decline in naphtha prices and the prevailing weak performance in the key polyethylene (PE) sector. Buying ideas were unchanged at below $1,200/tonne CFR NE Asia for June arrival.

PROPYLENE: $1,290-1,330 /tonne CFR NE Asia, steady
Discussions to sell a first-half June arrival cargo to east China are underway. An offer at $1,330-1,340/tonne CFR China was met by a bid at $1,310/tonne CFR China. Buying ideas from other end-users were at below $1,300/tonne CFR NE Asia amid prevailing concerns about the derivative polypropylene (PP) outlook.

By: Staff Reporter
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