EVENING SNAPSHOT - Asia Markets Summary

27 June 2012 11:28  [Source: ICIS news]

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

CRUDE: Aug WTI $78.95/bbl, down 41 cents/bbl; Aug BRENT $92.26/bbl, down 76 cents/bbl
Crude futures softened in afternoon trade amid mounting worries that European leaders heading for a summit to discuss the eurozone debts will be unable to reach an agreement on an action plan to resolve the crisis. On Brent crude, downside pressure was partially offset by concerns over cuts in North Sea production following a strike by Norwegian oil workers.

NAPHTHA: $730.50-732.50/tonne CFR Japan, down $15.50/tonne
Open-spec naphtha prices fell in the afternoon trade, undermined by prevailing weak demand from downstream petrochemical sector.

BENZENE: $1,060-1,070/tonne FOB Korea, steady
Prices remained unchanged in the afternoon with a deal heard for August loading at $1,065/tonne FOB Korea. Offers for August loading at $1,070-1,100/tonne FOB Korea met bids at $1,060-1,065/tonne FOB Korea.

TOLUENE: $995-1,015/tonne FOB Korea, down $5-10/tonne
The bid-offer range for second-half July and August loading lots were heard at $990-1,015/tonne and $1,002-1,010/tonne FOB Korea, respectively.

ETHYLENE: $990-1,010/tonne CFR NE Asia, up $10/tonne
There was buying interest for any July-arrival cargoes at $1,000-1,050/tonne CFR NE Asia but this could not be confirmed. Buying ideas were generally capped at $1,000/tonne CFR NE Asia and below.

PROPYLENE: $1,280-1,300/tonne CFR NE Asia, steady
Selling ideas rose to more than $1,300/tonne CFR NE Asia for first-half August shipments but buying ideas were capped at $1,280-1,290/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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