NOON SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Aug WTI $79.01/bbl, down 20 cents/bbl; Aug BRENT $90.86/bbl, down 15 cents/bbl
Crude futures edged lower on morning trade amid concerns that European leaders would be unable to formulate measures to tackle the eurozone debt crisis at their upcoming summit meeting. However, forecasts of a decline in US crude stocks offset some eurozone worries.

NAPHTHA: $723.00-725.00/tonne CFR Japan, up $17.50/tonne
Open-spec naphtha prices firmed on the back of improved product margins from downstream ethylene and butadiene.

BENZENE: $1,020-1,045/tonne FOB Korea, up $20/tonne
Bids for August loading were heard higher at $1,030-1,040/tonne FOB Korea, although crude futures were lower. Offers for September loading at $1,018-1,030/tonne FOB Korea met bids at $990-995/tonne FOB Korea.

TOLUENE: $990-1,010/tonne FOB Korea, up $5-10/tonne
Trading was thin, with bids for August loading cited at $990/tonne FOB Korea. The inter-month spread for July and August was heard at $8-10/tonne backwardation.

ETHYLENE: $950-1,000/tonne CFR NE Asia, stable
No CFR NE Asia deals were heard. A strong buyer resistance to purchasing ethylene at above $1,000/tonne CFR NE Asia remained.

PROPYLENE: $1,260-1,280/tonne CFR NE Asia, stable
A regional second-half July arrival cargo of Japanese origin was sold at $1,280/tonne CFR China, but the buyer details were not disclosed. Talk of an August deal at $1,300/tonne CFR NE Asia could not be confirmed.

By: Staff Reporter
+44 20 8652 3214

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