EVENING SNAPSHOT - Asia Markets Summary

02 August 2012 11:15  [Source: ICIS news]

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

CRUDE: Sept WTI $89.24/bbl, up 33 cents/bbl ; Sept BRENT $106.63/bbl up 67 cents/bbl
Brent crude futures strengthened in afternoon trade, was supported by a softer US dollar, but upside was tempered given no fresh monetary easing measures from the Federal Reserve to boost the US economy.

NAPHTHA: $892.00-894.00/tonne CFR Japan, up $21.50/tonne
Open-spec prices for second-half September contracts surged in the afternoon session to an 11-week high, with crack spread against September Brent also settling at an 11-week high of $96.13/tonne, buoyed by improved buying sentiment.

BENZENE: $1,180-1,195/tonne FOB Korea, up $5-10/tonne
Discussions picked up momentum in the afternoon, with firmer bids and offers heard amid fears over tightening prompt supply. Three deals were concluded for October-loading lots at $1,135-1,143/tonne FOB Korea. The bid-offer range for September was at $1,180-1,194/tonne FOB Korea at the close of trade.

TOLUENE: $1,105-1,115/tonne FOB Korea, up $10-15/tonne
Uncertainties over tightening prompt supply and firmer energy values supported the rise in prices in the afternoon. Offers for September-loading lots firmed to $1,120/tonne FOB Korea, meeting bids at $1,110/tonne FOB Korea. The bid-offer range for October-loading lots was at $1,105-1,110/tonne FOB Korea

ETHYLENE: $1,130-1,180/tonne CFR NE Asia, stable
A 2,500-tonne cargo of southeast Asian origin was heard sold at $1,100/tonne FOB SE Asia. The cargo is for end-August loading with intra-southeast Asia freight rates mentioned at around $70-80/tonne.

PROPYLENE: $1,300-1,330/tonne CFR NE Asia, unchanged
Prices were steady as macroeconomic uncertainties and indications of easing demand for imports continued to dampen buying appetite. Offers were maintained at $1,330-1,350/tonne CFR NE Asia for September cargoes, with sporadic buying ideas at around $1,300/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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