EVENING SNAPSHOT - Asia Markets Summary

15 August 2012 11:17  [Source: ICIS news]

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

CRUDE: WTI Sept $93.17/bbl down 26 cents; BRENT Sept $114.02/bbl down 1 cent
Crude futures were trading below the previous day’s close but recovered some ground on Wednesday afternoon from earlier lows. Crude values remained under downward pressure from an unexpected rise in US crude stocks. However, Middle East tensions and resultant supply worries limited negative price pressure.

NAPHTHA: $948-949/tonne CFR Japan, up $18-20/tonne
Open-spec prices for the second-half September contract reversed losses during the afternoon session in Asia, triggered by a strong cash trade. BP sold a first-half October cargo to Itochu at $948/tonne CFR Japan.

BENZENE: $1,155-1,165/tonne FOB Korea, up $5-10/tonne
The intermonth spread for September and October was assessed at $15-20/tonne in backwardation. Offers for October-loading cargoes were at $1,145-1,150/tonne FOB Korea against bids at $1,130-1,140/tonne FOB Korea. November-shipment cargoes were offered at $1,138/tonne FOB Korea against bids at $1,105-1,120/tonne FOB Korea.

TOLUENE: $1,115-1,120/tonne FOB Korea, stable
Prices rolled over in the afternoon session as the market remained thinly traded. A bid for any October cargo emerged at $1,112/tonne FOB Korea, but there were no sellers.

ETHYLENE: $1,170-1,230/tonne CFR NE Asia, stable
Prices in northeast Asia were unchanged in subdued trade. Discussions were limited because of the National Liberation Day holiday in South Korea but market sentiment was supported by higher feedstock naphtha prices. The buy-sell indications for September shipments remained stable at a $1,150-1,250/tonne CFR NE Asia range.

PROPYLENE: $1,360-1,390/tonne CFR NE Asia, up $10/tonne at the high end
Selling ideas for September arrival cargoes at $1,400/tonne CFR NE Asia or above were met with strong resistance from buyers. Buying ideas were capped at $1,350-1,360/tonne CFR NE Asia. Two deals for September arrival were concluded at $1,390/tonne CFR China and $1,384/tonne CFR Taiwan, although these could not be confirmed immediately.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
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