EVENING SNAPSHOT - Asia Markets Summary

21 May 2012 11:46  [Source: ICIS news]

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

CRUDE: June WTI $91.80/bbl, up 32 cents; July BRENT $107.64/bbl, up 50 cents/bbl
Crude futures continued to trade above the previous close in Asian afternoon trade, but had given back some of its earlier gains. Eurozone debt worries and the possibility of Greece leaving the single-currency region continued to limit upside pressure. Attention is also focussed on upcoming talks between Western nations and Iran.

NAPHTHA: $873.50-875.50/tonne CFR Japan, down $4.50-5.50/tonne
Open-spec naphtha prices softened amid declines in crude oil, and trade at softer levels amid further downward pressure on cracks spreads.

BENZENE: $1,070-1,075/tonne FOB Korea, down $5-20/tonne
Bids for July parcels were heard at $1,065/tonne FOB Korea against selling ideas at $1,075-1,080/tonne FOB Korea. An inter-trade emerged in the afternoon at $1,070/tonne FOB Korea, August lifting.

TOLUENE: $1,070-1,085/tonne FOB Korea, stable
Prices were range bound amid subdued trade. Buying indications rose towards $1,074/tonne FOB Korea during open-market trade, against selling indications at $1,080/tonne FOB Korea. No transactions were heard.

ETHYLENE: $1,110-1,160/tonne CFR NE Asia, stable
No CFR NE Asia deals were heard while buying interest for June arrival remains at below $1,150/tonne.

PROPYLENE: $1,260-1,290 /tonne CFR NE Asia, stable
Offers/selling indications at $1,300-1,320/tonne CFR NE Asia for second-half June arrival were met with sporadic buying interest at around $1,260/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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