NOON SNAPSHOT - Asia Markets Summary

05 June 2012 05:00  [Source: ICIS news]

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

CRUDE: July WTI $84.70/bbl, up 72 cents; July BRENT $99.28/bbl, up 43 cents
Crude prices were higher in Asia on the back of a weaker US dollar and amid hopes that a meeting between G7 countries later on Tuesday would spur moves to resolve the eurozone debt crisis.

NAPHTHA: $774.00-777.00/tonne CFR Japan, up $19.50-20.50/tonne
Open-spec naphtha prices rebounded, following overnight gains in energy values. However, market sentiment remained bearish on poor petrochemical demand.

BENZENE: $970-990/tonne FOB Korea, up $40/tonne
Prices firmed on the back of stronger crude futures, with the inter-month spread for July and August heard at about $30/tonne backwardation. Bids for August were heard at $925-960/tonne FOB Korea, with two deals heard for August lifting at $950/tonne and $970/tonne FOB Korea. Bids for September were also heard at $910-957/tonne FOB Korea.

TOLUENE: $960-970/tonne FOB Korea, up $30/tonne
The market recovered slightly with a rebound in energy prices. A sole offer for July loading was heard at $1,000/tonne FOB Korea, while the inter-month spread for July and August was heard at $15/tonne backwardation. Bids for August lifting were cited at $945/tonne FOB Korea.

ETHYLENE: $950-1,000/tonne CFR NE Asia, down $20/tonne at the low end
Trading was thin as buyers remained on the sidelines. Buying ideas declined by $50/tonne to $900-950/tonne CFR NE Asia for end-June arrival cargoes, but firm offers were scarce.

PROPYLENE: $1,250-1,270 /tonne CFR NE Asia, down $10/tonne at high end
Selling ideas were at around $1,270-1,280/tonne CFR China against buying ideas at about $1,250/tonne CFR China.

By: Staff Reporter
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