EVENING SNAPSHOT - Asia Markets Summary

21 February 2013 10:00  [Source: ICIS news]

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

CRUDE: Apr WTI $93.77/bbl down $1.45/bbl; Apr BRENT $114.58/bbl, down $1.02/bbl
Crude values fell sharply in the afternoon trade, amid a stronger US dollar and a larger than forecast build in US crude stocks. Worries over increased oil production from Saudi Arabia and rumours of a large hedge fund liquidating positions added further downward pressure.

NAPHTHA: $1,000-1,002/tonne CFR Japan, down $8.50-9.50/tonne
Open-spec first-half April contract extended crude-driven losses in afternoon trading to hit the weakest levels since 1 February. The second-half April cargo was done at $985.00/tonne CFR Japan.

BENZENE: $1,385-1,400/tonne FOB Korea, down $5/tonne
Two April fixtures were closed at $1,395/tonne FOB Korea and two May lots were settled at $1,380-1,383/tonne FOB Korea. An intermonth spread for April/May was concluded at a backwardation of $7/tonne.

TOLUENE: $1,275-1,285/tonne FOB Korea, down $5-10/tonne
Two deals were settled at $1,295/tonne FOB Korea for April loading, while a May parcel was booked at $1,300/tonne FOB Korea. Subsequently, bids for April lots were quoted at $1,280/tonne FOB Korea.

ETHYLENE: $1,420-1,430/tonne CFR NE Asia, stable
Selling interest at close to $1,450/tonne CFR NE Asia were still met with buying ideas capped at the low-$1,400/tonne CFR NE Asia levels.

PROPYLENE: $1,420-1,440/tonne CFR NE Asia, up $10/tonne
Some propylene spot cargoes were heard changing hands at 1,430-1,440/tonne CFR China for second-half March arrival.


By: Staff Reporter
+44 20 8652 3214



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