NOON SNAPSHOT - Asia Markets Summary

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

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

CRUDE: WTI Oct $97.48/bbl, up $1.33/bbl; BRENT Oct $115.18/bbl, up $1.59/bbl
Crude futures strengthened on Monday morning amid supply concerns resulting from disruption caused by Tropical Storm Isaac in the Gulf of Mexico. Ongoing unrest in the Middle East and upcoming maintenance work in the North Sea added further upward pressure as did the threat of another strike by Norwegian oil workers.

NAPHTHA: $982.50-985.50/tonne CFR Japan, up $3.50-4.50/tonne
Open-spec prices for the first-half October contract rose in the morning session on Monday on the back of rising crude futures.

BENZENE: $1,180-1,200/tonne FOB Korea, up $15-20/tonne
Bids and offers firmed from the previous week on the back of stronger crude futures and persistently tight prompt supply in the region. Offers for October-loading lots were at $1,199-1,200/tonne FOB Korea against bids at $1,177/tonne FOB Korea. The inter-month spread for September and October was notionally assessed at $5/tonne backwardation, tracking last week’s trend.

TOLUENE: $1,125-1,140/tonne FOB Korea, stable
Prices were assessed stable amid range-bound discussions from the previous week despite stronger crude futures. A bid for October-loading lots emerged at $1,136/tonne FOB Korea.

ETHYLENE: $1,280-1,300/tonne CFR NE Asia, stable
Selling targets are reiterated at above $1,300/tonne CFR NE Asia for cargoes arriving in the latter half of September but some Chinese buyers were cautious to commit to such levels despite supply shortfalls, a trader said.

PROPYLENE: $1,390-1,410/tonne CFR NE Asia, stable
Selling ideas remained at the low $1,400s/tonne CFR NE Asia, while buying ideas were below $1,400/tonne CFR NE Asia.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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