EVENING SNAPSHOT - Asia Markets Summary

14 June 2012 11:24  [Source: ICIS news]

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

CRUDE: July WTI $82.74/bbl, up 12 cents; July BRENT $97.30/bbl, up 17 cents
Crude oil prices were higher in the afternoon as investors await the outcome of an OPEC meeting later on Thursday amid persistent concerns about slowing global oil demand.

NAPHTHA: $738.00-740.00/tonne CFR Japan, up $11.00/tonne
Open-spec naphtha prices rebounded in the afternoon session, supported by renewed spot buying interest. Two deals were settled at $740/tonne CFR Japan for first half of August loading.

BENZENE: $990-1,000/tonne FOB Korea, down $5/tonne on the high end
The inter-month spread for July and August continued to be assessed at a backwardation in a thinly traded market. August’s bid-offer range was heard at $965-995/tonne FOB Korea, while offers for September loading at $970-975/tonne FOB Korea met bids at $955-961/tonne FOB Korea.

TOLUENE: $955-970/tonne FOB Korea, steady
Trading was thin in the afternoon, with a bid for July loading heard at $950/tonne FOB Korea. Bids for August and September loading cargoes were heard at $950-955/tonne and $945-950/tonne FOB Korea respectively.

ETHYLENE: $890-930/tonne CFR NE Asia, down $10/tonne at the low end
Buying ideas for end-June/any July arrival cargoes in Taiwan slipped to $880/tonne CFR Taiwan, but sellers were reluctant to give in on account of poor margins.

PROPYLENE: $1,230-1,260/tonne CFR NE Asia, up $10/tonne at the high end
Two deals for second-half July arrival were concluded – one at $1,230/tonne, and another at $1,240/tonne CFR China. A separate deal was heard done at $1,260/tonne CFR China, while another cargo for first-half July arrival was fixed at $1,260-1,270/tonne CFR China.

By: Staff Reporter
+44 20 8652 3214

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