NOON SNAPSHOT - Asia Markets Summary

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

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

CRUDE: July WTI $84.24/bbl, up 33 cents; Aug BRENT $97.81/bbl, up 64 cents
Crude oil prices rose in morning trade after OPEC agreed to keep its output ceiling unchanged at 30m bbl/day for the second half of 2012.

NAPHTHA: $750.50-752.50/tonne CFR Japan, up $12.50/tonne
Open-spec naphtha prices edged up, tracking overnight gains in global crude futures.  

BENZENE: $995-1,005/tonne FOB Korea, up $5/tonne
The inter-month spread for July and August was heard at a backwardation of about $20/tonne. A bid for August loading was cited at $980/tonne FOB Korea, while offers for September shipments at $995/tonne FOB Korea met bids at $960-976/tonne FOB Korea.

TOLUENE: $970-980/tonne FOB Korea, up $10-15/tonne
A bid was heard for July loading at $970/tonne FOB Korea. For August and September lifting lots, bids were heard at $950-975/tonne and $945-955/tonne FOB Korea, respectively.

ETHYLENE: $880-920/tonne CFR NE Asia, down $10/tonne
Sporadic buying notions for July-arrival cargoes emerged at below $850/tonne CFR Taiwan, but most sellers continued to target prices above $900/tonne CFR NE Asia.

PROPYLENE: $1,230-1,260/tonne CFR NE Asia, stable
Selling ideas for July arrival cargo were at $1,260-1,280/tonne CFR NE Asia against buying ideas in the low $1,200/tonne CFR NE Asia levels. One deal for second-half July-arrival cargo was done at $1,250-1,260/tonne CFR China.

By: Staff Reporter
+44 20 8652 3214

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