EVENING SNAPSHOT - Asia Markets Summary

28 August 2012 10:59  [Source: ICIS news]

SINGAPORE (ICIS)--Here is Tuesday’s end-of-day Asia oil and chemical markets summary.

CRUDE: Oct WTI $96.16/bbl, up 69 cent/bbl ; Oct BRENT $112.48/bbl, up 22 cents/bbl
Crude futures firmed in afternoon trade, buoyed by a sharp fall in the US dollar and supply worries – which were heightened by disruption to US production caused by the passage of Tropical Storm Isaac, and amid ongoing concerns over Middle East tensions and reduced North Sea output.

NAPHTHA: $972.50-974.50/tonne CFR Japan, up $1.00/tonne on the low end
Open-spec prices for the first-half October contract rose at the lower end of the range the afternoon session, as Brent crude futures were largely stable at above $112/bbl. There were no physical naphtha trades.

BENZENE: $1,170-1,180/tonne FOB Korea, down $10/tonne on the high end
A deal was concluded for a November-loading cargo at $1,151/tonne FOB Korea. Discussions for September-loading lots were limited, while October-loading cargoes were offered at $1,173/tonne FOB Korea against bids at $1,165-1,170/tonne FOB Korea. Discussions for December-loading cargoes were also active, with offers at $1,145-1,150/tonne FOB Korea against bids at $1,125-1,135/tonne FOB Korea.

TOLUENE: $1,130-1,145/tonne FOB Korea, up $5/tonne
A sole offer for a September-shipment lot emerged at $1,135/tonne FOB Korea. Meanwhile, offers for October-loading cargoes were at $1,145-1,150/tonne FOB Korea against bids at $1,132-1,136/tonne FOB Korea.

ETHYLENE: $1,300-1,340/tonne CFR NE Asia, stable
Buying ideas in Taiwan and China are capped at $1,300/tonne CFR for cargoes arriving in the second half of September/early October. Firm offers were scant following a deal at $1,260/tonne FOB Korea or at around $1,340-1,350/tonne CFR China.

PROPYLENE: $1,390-1,410/tonne CFR NE Asia, steady
Selling ideas for second-half September/early October-arrival cargoes were at $1,420-1,430/tonne CFR NE Asia, while buying ideas remained at below $1,400/tonne CFR NE Asia. A deal for first-half October arrival was sold at $1,390/tonne CFR China.

By: Staff Reporter
+44 20 8652 3214

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