NOON SNAPSHOT - Asia Markets Summary

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

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

CRUDE: WTI Oct $95.80/bbl, down 53 cents; BRENT Oct $112.24/bbl, down 34 cents
Crude futures declined in the morning, undermined by a larger than expected rise in US crude stocks revealed in industry data released on 28 August. Attention was still focused on production disruption caused by Tropical Storm Isaac, which has made landfall on the US Gulf coast.

NAPHTHA: $968.50-971.50/tonne CFR Japan, down $3-4/tonne
Open-spec prices for the first-half October contract dropped during the morning session, tracking softer crude futures.

BENZENE: $1,165-1,190/tonne FOB Korea, down $5/tonne at low end, up $10/tonne at high end
The price range widened because of firmer offers heard for first-half September-loading cargoes at $1,200/tonne FOB Korea. Second-half September shipment lots were at $1,180-1,190/tonne FOB Korea. October-loading cargoes were offered at $1,167-1,170/tonne FOB Korea against bids at $1,160-1,163/tonne FOB Korea.

TOLUENE: $1,130-1,145/tonne FOB Korea, stable
Prices were stable because of a lack of discussions for prompt cargoes. October-loading lots were offered at $1,150/tonne FOB Korea, while the intermonth spread for September and October was assessed notionally at a $10/tonne contango, tracking the trend from the previous session.

ETHYLENE: $1,300-1,340/tonne CFR NE Asia, stable
Trade remained hindered by the buy-sell spread and a lack of regional spot cargoes for loading in the second half of September. Buyers in Taiwan and China said their buying ideas are at $1,300/tonne CFR NE Asia because of soft derivative polyethylene prices.

PROPYLENE: $1,390-1,400/tonne CFR NE Asia, down $10/tonne at the high end
Selling ideas for second-half September and early October arrival cargoes were at $1,400/tonne CFR NE Asia or above, while buying ideas were at $1,380-1,390/tonne CFR NE Asia.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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