EVENING SNAPSHOT - Asia Markets Summary

25 July 2012 11:00  [Source: ICIS news]

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

CRUDE: WTI SEP $88.54/bbl up 4 cents; BRENT SEP $103.62/bbl, up 20 cents
Crude futures regained ground lost earlier in the day and were trading above the previous session close on Wednesday afternoon. Crude had fallen earlier in the day after data released late on Tuesday revealed an unexpected build in US crude and gasoline stocks and a larger than forecast rise in distillate inventories.

NAPHTHA: $843.50-845.50/tonne CFR Japan, up $1.00/tonne
Open-spec prices edged up marginally for first-half September contracts, but the crack spread against September Brent narrowed by $4.34/bbl to $67.73/bbl from yesterday’s close.

BENZENE: $1,125-1,135/tonne FOB Korea, up $5/tonne on lower end and $5/tonne lower on higher end
Talks were limited for prompt cargoes with only one bid heard at $1,125/tonne FOB Korea for August-loading cargoes. A deal for a September-loading cargo was fixed at $1,130/tonne FOB Korea.

TOLUENE: $1,075-1,085/tonne FOB Korea, down $5/tonne on the higher end
Prices softened further amid weak market sentiment and limited discussions. An offer for second-half August loading cargoes was heard at $1,080/tonne FOB Korea. Offers for September-loading cargoes, which softened from the morning to $1,085/tonne FOB Korea, were met with bids at $1,071/tonne FOB Korea.

ETHYLENE: $1,100-1,130/tonne CFR NE Asia, up $20-30/tonne
A 3,000-tonne Korea-origin cargo changed hands at $1,080/tonne FOB Korea, for loading in the first half of August. The cargo was reported sold into China at close to $1,200/tonne CFR China but this could not be confirmed. Other offers were quoted at $1,130/tonne CFR China for end-August arrival cargoes.

PROPYLENE: $1,320-1,340/tonne CFR NE Asia, down by $5-10/tonne
Selling ideas for late August/early September arrival were at $1,330-1,340/tonne CFR NE Asia against buying ideas at the low $1,300s/tonne CFR NE Asia.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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