NOON SNAPSHOT - Asia Markets Summary

01 August 2012 05:00  [Source: ICIS news]

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

CRUDE: Sept WTI $87.85/bbl, down 21 cents; Sept BRENT $104.66/bbl, down 26 cents
Crude futures slipped in Asian trade following weaker manufacturing data from China, the world’s top energy consumer.

NAPHTHA: $848.50-850.50/tonne CFR Japan, down $12.50/tonne
Open-spec prices for first-half September contracts wiped out its gains early in the week, following an overnight slump in global energy values.  

BENZENE: $1,155-1,175/tonne FOB Korea, up $5-10/tonne
Bids and offers were firmer. Offers for September-loading cargoes were at $1,165/tonne FOB Korea against bids at $1,150/tonne FOB Korea. The intermonth spread for August and September was at a backwardation of $10-15/tonne. Offers for October-loading lots at $1,130/tonne FOB Korea met bids at $1,105-1,108/tonne FOB Korea.

TOLUENE: $1,090-1,100/tonne FOB Korea, up $5/tonne on the lower end
Offers for September-loading lots were at $1,110/tonne FOB Korea against bids at $1,085/tonne FOB Korea, while the bid-offer range for October-loading lots was at $1,080-1,100/tonne FOB Korea.

ETHYLENE: $1,130-1,180/tonne CFR NE Asia, up $30/tonne on the high end
Offers for end-August/early September-arrival cargoes of northeast Asian origin at $1,200/tonne CFR China elicited sporadic buying interest in the high-$1,100/tonne CFR China levels. Most other buyers capped bids at $1,130/tonne CFR NE Asia.

PROPYLENE: $1,300-1,340/tonne CFR NE Asia, unchanged
Selling ideas hovered at around $1,340/tonne CFR NE Asia for September-arrival cargoes, against buying ideas capped at $1,300/tonne CFR NE Asia amid bearish demand across regional economies.

By: Staff Reporter
+44 20 8652 3214

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