EVENING SNAPSHOT - Asia Markets Summary

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

SINGAPORE (ICIS)--Here is Wednesday’s end-of-day Asia oil and chemical market summary from ICIS.

CRUDE: WTI JUL $90.84bbl, down $1.01/bbl; BRENT JUL $107.22/bbl down $1.19/bbl
Crude futures weakened further on Wednesday afternoon amid heightened concerns over Greece and the eurozone debt crisis. Hopes of a possible resolution of the Iran nuclear crisis amid talks on Wednesday between Western nations and Iran over Tehran’s nuclear programme also weighed on prices.

NAPHTHA: $862-864.00/tonne CFR Japan, down $1.00-2.00/tonne
Open spec naphtha prices edged lower on Wednesday afternoon, undermined by weak refining margins and poor demand particularly from the petrochemicals sector.

BENZENE: $1,080-1,110/tonne FOB Korea, down $10-15/tonne
Offers for July loading at $1,093-1,105/tonne FOB Korea met bids at $1,080/tonne FOB Korea. Trading was brisk with several deals heard for August loading at $1,075-1,091/tonne FOB Korea.

TOLUENE: $1,070-1,085/tonne FOB Korea, down $15-30/tonne
The inter-month spread for June and July was assessed at about $10/tonne in backwardation. Offers for July lifting at $1,078-1,085/tonne FOB Korea met bids at $1,055-1,070/tonne FOB Korea. Deals for August were heard at $1,055-1,075/tonne FOB Korea, but this could not be confirmed.

ETHYLENE: $1,090-1,130/tonne CFR NE Asia, stable
Ethylene selling ideas were at $1,100-1,150/tonne CFR NE Asia depending on the arrival schedule in June while buying ideas remained capped at or below $1,100/tonne CFR NE Asia.

PROPYLENE: $1,270-1,290 /tonne CFR NE Asia, up $10/tonne at the low end
Two spot cargoes of southeast Asia origin changed hands at $1,270-1,280/tonne CFR China for any June arrival.

By: Staff Reporter
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