NOON SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Aug WTI $79.52/bbl, up 16 cents/bbl; Aug BRENT $92.87/bbl, down 15 cents/bbl
ICE Brent crude futures eased on morning trade following strong gains in the previous session on concerns over a cut on North Sea supplies . US WTI crude futures edged higher following muted gains overnight after industry data revealed an unexpected rise in US crude stocks.

NAPHTHA: $746.00-748.00/tonne CFR Japan, up $13.50/tonne
Open-spec naphtha prices firmed, fuelled by active seeking of spot material by some South Korean cracker operators.

BENZENE: $1,060-1,070/tonne FOB Korea, up $20-25/tonne
Prices continued to rise supported by a buoyant US market. Bids for August loading were heard at $1,050-1,060/tonne FOB Korea, while deals for September loading were heard at $1,030/tonne FOB Korea.

TOLUENE: $1,005-1,020/tonne FOB Korea, up $10/tonne
Prices edged higher along with stronger benzene values. Trading remained slow, with bids for August lifting cited at $1,007/tonne FOB Korea. Offers for September loading at $1,010/tonne FOB Korea met bids at $990-992/tonne FOB Korea.

ETHYLENE: $980-1,000/tonne CFR NE Asia, stable
There remained a strong buyer resistance to prices above $1,000/tonne CFR NE Asia for August arrival cargoes but no deals were heard done.

PROPYLENE: $1,280-1,300/tonne CFR NE Asia, steady
Buying ideas were largely at below $1,300/tonne CFR NE Asia, while traders were targeting sales at above $1,300/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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