NOON SNAPSHOT - Asia Markets Summary

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

SINGAPORE (ICIS)--Here is Thursday’s midday Asia oil and chemical market summary from ICIS.

CRUDE: WTI Sept $94.42/bbl, up 9 cents; BRENT Sept $116.31/bbl, up 6 cents
Crude futures rose in the morning after strong gains made in the previous session. Crude prices also rose on Wednesday after data from the US government’s Energy Information Administration (EIA) revealed a larger than expected drawdown in US crude and gasoline stocks.

NAPHTHA: $963-966/tonne CFR Japan, up $15-17/tonne
Open-spec prices for the first-half October contract rose in the morning trade, underpinned by strong overnight gains in Brent crude futures.

BENZENE: $1,170-1,175/tonne FOB Korea, up $10-15/tonne
A deal was heard done between two traders at $1,155/tonne FOB Korea for October loading. The intermonth for September and October was assessed at a $15/tonne backwardation. Offers for October-loading cargoes were at $1,160/tonne FOB Korea against bids at $1,145-1,155/tonne FOB Korea.

TOLUENE: $1,125-1,145/tonne FOB Korea, up $10-25/tonne
Market opened on a firm note, tracking the higher European and US markets. The bid-offer gap narrowed in the morning, with bids at $1,125/tonne FOB Korea for any October shipments, while offers were at $1,145/tonne FOB Korea for any October cargoes.

ETHYLENE: $1,170-1,230/tonne CFR NE Asia, stable
Sellers are raising their selling ideas to $1,250-1,280/tonne CFR NE Asia for September cargoes, following an increase in feedstock naphtha prices. Buyers continue to cap their buying ideas at $1,200/tonne CFR NE Asia because of the weak performance of the downstream sectors.

PROPYLENE: $1,360-1,390/tonne CFR NE Asia, stable
Selling ideas for September-arrival cargoes remained at $1,380-1,400/tonne CFR NE Asia. An early September arrival cargo was heard done at $1,380/tonne CFR Taiwan.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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