EVENING SNAPSHOT - Asia Markets Summary

22 June 2012 11:00  [Source: ICIS news]

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

CRUDE: WTI AUG $78.52/bbl, up 32 cents/bbl; BRENT AUG $89.93/bbl, up 70 cents/bbl
Crude futures continued to firm during the afternoon in Asia, after falling more than $3/bbl overnight. Crude values tumbled on Thursday on news of a credit downgrade of leading banks and concerns over the global economy following recent weak economic data from the US and China.

NAPHTHA: $696.50-698.50/tonne CFR Japan, down $2.50/tonne
Open-spec naphtha prices fell on the back of bearish buying sentiment and lower premiums awarded for spot Middle East cargoes.

BENZENE: $1,010-1,025/tonne FOB Korea, steady
Offers for August loading at $1,015-1,017/tonne FOB Korea met bids at $985-1,000/tonne FOB Korea. Deals were heard for first-half August, September and October loading at $1,015/tonne, $965/tonne and $980/tonne FOB Korea respectively.

TOLUENE: $980-990/tonne FOB Korea, up $10/tonne
Prices firmed as crude rebounded on Friday afternoon, with bids for second-half July loading heard at $980/tonne FOB Korea. Bids for August loading were at $970-971/tonne FOB Korea, while the inter-month spread for July and August was heard at about $10/tonne backwardation.

ETHYLENE: $900-950/tonne CFR NE Asia, stable
Buyer resistance to selling ideas at above $950/tonne CFR NE Asia remained strong due to the sharp decline in upstream naphtha prices. No deals were heard.

PROPYLENE: $1,240-1,260/tonne CFR NE Asia, down $20/tonne
Sporadic buying interest fell to the low-to-mid $1,200s/tonne CFR NE Asia on Friday due to the sharp slump in upstream naphtha and crude values with some discussions ongoing at below $1,250/tonne CFR NE Asia.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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