NOON SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Aug WTI $80.25/bbl, up 49 cents/bbl; Aug BRENT $91.35/bbl, up 37 cents/bbl
Crude futures strengthened in Asian morning trade, supported by reduced output in the US Gulf amid concerns over an approaching storm. Interest was focussed on an upcoming summit of eurozone leaders amid expectations of moves towards a closer monetary union, and new measures to stimulate growth.

NAPHTHA: $706.00-708.00/tonne CFR Japan, up $9.50/tonne
Open-spec naphtha prices partially recovered from last week, after landing at a 21-month low on 22 June, buoyed by overnight firmer crude futures.

BENZENE: $1,015-1,035/tonne FOB Korea, up $5-10/tonne
Prices firmed in tandem with firmer crude futures. Bids for August loading were at $1,000/tonne FOB Korea, against offers of $1,030/tonne FOB Korea, while bids for September loading at $985/tonne FOB Korea were met with offers of $1,000/tonne FOB Korea. A deal for October loading was concluded at $985/tonne FOB Korea.

TOLUENE: $980-990/tonne FOB Korea, steady
Market activity was limited. Bids for August and September were heard at $970/tonne FOB Korea and $960/tonne FOB Korea, respectively, but no offers were heard. The inter-month spread for July and August has remained at a backwardation by $10/tonne.

ETHYLENE: $920-950/tonne CFR NE Asia, up $20/tonne at the low end
Selling ideas were as high as $1,000/tonne CFR NE Asia for July arrival due to the ongoing Formosa outage, while buying ideas ranged from below $900/tonne to around $950/tonne CFR NE Asia.

PROPYLENE: $1,240-1,260/tonne CFR NE Asia, stable
Market players stayed on the sidelines amid limited July supply and following a flurry of deals last week. No firm offers and bids were heard.

By: Staff Reporter
+44 20 8652 3214

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