EVENING SNAPSHOT - Asia Markets Summary

08 June 2012 11:43  [Source: ICIS news]

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

CRUDE: July WTI $82.20, down $2.62/bbl; July BRENT $97.56/bbl, down $2.37/bbl
Crude futures slipped further in afternoon trade on concerns about China’s slowing economic expansion, which prompted its central bank to cut interest rates. Worries over the eurozone debt crisis also continue to weigh on the market.

NAPHTHA: $747.00-749.00/tonne CFR Japan, down $20.00-21.00/tonne
Open-spec naphtha prices plunged, tracking falls in crude futures. Buying sentiment turned more bearish, keeping most market players in the sidelines.

BENZENE: $1,005-1,010 FOB Korea, $10-20/tonne
Buying indications for July lots were heard around $1,005/tonne FOB Korea. Several August deals were done around $985/tonne FOB Korea, while a September fixture emerged at $970/tonne FOB Korea.

TOLUENE: $965-980/tonne FOB Korea, down $5-10/tonne
A July shipment was heard offered late in the afternoon at $980/tonne FOB Korea, against buying ideas hovering at $960/tonne FOB Korea. The July/August intermonth time spread was valued at a $15-17/tonne backwardation – stable from the previous day.

ETHYLENE: $940-950/tonne CFR NE Asia, down $10/tonne at the high end
An ethylene spot cargo of around 3,000 tonnes for mid-July arrival was offered at $940/tonne CFR China, with discussions underway on Friday evening.

PROPYLENE: $1,240-1,260 /tonne CFR NE Asia, down $10/tonne at the high end
Buying ideas fell to below $1,250/tonne CFR NE Asia in the afternoon following the slump in crude prices while most traders retreated to the sidelines.

By: Staff Reporter
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