EVENING SNAPSHOT - Asia Markets Summary

25 June 2012 11:15  [Source: ICIS news]

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

CRUDE: Aug WTI $79.07/bbl, down 69 cents/bbl; Aug BRENT $90.05/bbl, down 93 cents/bbl
Crude futures weakened in afternoon trade, giving back gains made in the morning session, amid renewed worries over the eurozone debt crisis following news that Spain had formally requested a bailout for its banking sector.

NAPHTHA: $705.50-707.50/tonne CFR Japan, down $0.50/tonne
Open-spec naphtha prices dipped on relatively weak demand fundamentals. Supply overhang in the regional market may ease with less arbitrage cargoes from Europe in August.

BENZENE: $1,000-1,025/tonne FOB Korea, down $10-15/tonne
Afternoon trade was sluggish, with sporadic bids for August loading were at $1,000/tonne FOB Korea, against offers of $1,030/tonne FOB Korea. Bids for September loading fell to $975/tonne FOB Korea against offers of $990/tonne FOB Korea.

TOLUENE: $985-1,000/tonne FOB Korea, up $5-10/tonne
Trades remained subdued in the afternoon, but bids and offers firmed. No bids were heard for August loading against a sole offer of $1,005/tonne FOB Korea. Bids for September at $975/tonne FOB Korea were met with offers of $990/tonne FOB Korea.

ETHYLENE: $950-1,000/tonne CFR NE Asia, up $30-50/tonne
Buying ideas for July arrival were capped at $1,000/tonne CFR NE Asia and below, while there was strong buyer resistance to selling ideas of as high as $1,100/tonne CFR NE Asia.

PROPYLENE: $1,260-1,280/tonne CFR NE Asia, up $20/tonne
There was talk of a deal at $1,300/tonne CFR China for first-half August arrival but this could not be confirmed. Sporadic buying interest was at $1,260-1,280/tonne CFR NE Asia but no offers were heard.

By: Staff Reporter
+44 20 8652 3214

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