EVENING SNAPSHOT - Asia Markets Summary

31 August 2012 11:20  [Source: ICIS news]

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

CRUDE: Oct WTI $95.02/bbl, up 40 cents/bbl; Oct BRENT $113.24/bbl, up 59 cents/bbl
Crude prices strengthened in afternoon trade, supported by a weaker US dollar. Traders also awaited a speech by the US Federal Reserve chairman Ben Bernanke later on Friday that could indicate a possible further round of monetary stimulus, which is expected to encourage upward movement in crude and other commodities.

NAPHTHA: $985.00-987.00/tonne CFR Japan, up $7.50-8.50/tonne
Open-spec prices for the first-half October contract rose during the afternoon session as Brent crude futures increased to above $113/bbl.

BENZENE: $1,160-1,180/tonne FOB Korea, stable
Bids for October-loading lots were at $1,160-1,165/tonne FOB Korea. November shipment cargoes were offered at $1,150-1,155/tonne FOB Korea against bids at $1,135-1,145/tonne FOB Korea. The intermonth spread for September and October was assessed at a $15/tonne backwardation.

TOLUENE: $1,130-1,140/tonne FOB Korea, up $5/tonne on the low end
Prices were stable-to-firm on the back of higher bids for October shipment lots at $1,135-1,136/tonne FOB Korea. Offers for October shipment lots were at $1,150/tonne FOB Korea. Discussions for September and November-loading cargoes were limited, with only the bid for November-loading lots heard at $1,120/tonne FOB Korea.

ETHYLENE: $1,300-1,350/tonne CFR NE Asia, steady
A deal was heard done at $1,350/tonne CFR China for a 3,000- to 3,500-tonne cargo of northeast Asian origin for arrival in the second half of September. Majority of the bids were capped at $1,300-1,320/tonne CFR China/Taiwan.  

PROPYLENE: $1,390-1,415/tonne CFR NE Asia, down $10/tonne at the low end
Selling ideas for October cargoes were at the low-$1,400/tonne CFR NE Asia levels, while buying ideas were capped at $1,390/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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