NOON SNAPSHOT - Asia Markets Summary

22 February 2013 04:00  [Source: ICIS news]

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

CRUDE: Apr WTI $93.22/bbl, up 38 cents/bbl; Apr BRENT $114.08/bbl, up 55 cents/bbl
Crude oil futures rebounded in early Asian trading from recent sharp losses. Oil prices fell by more than $2/bbl in the previous session following a report from the Energy Information Administration (EIA) which showed a much-greater-than-forecast build in crude stocks.

NAPHTHA: $993.50-996.50/tonne CFR Japan, down $5.50-6.50/tonne
Open-spec first-half April contract edged down on Friday morning in response to overnight losses in crude futures globally.

BENZENE: $1,385-1,400/tonne FOB Korea, steady
Bids for April cargoes were at $1,370-1,385/tonne FOB Korea, which were countered with offers of $1,395/tonne FOB Korea. For May-loading cargoes, bids were at $1,370/tonne FOB Korea.

TOLUENE: $1,275-1,285/tonne FOB Korea, flat
A bid for April lots was at $1,280/tonne FOB Korea, but no sellers surfaced. Offers for May parcels were at $1,305/tonne FOB Korea, against bids at $1,285-1,288/tonne FOB Korea.

ETHYLENE: $1,420-1,430/tonne CFR NE Asia, stable
A tender to sell a 3,000- to 5,000-tonne cargo from Taiwan for any March loading on a fixed price basis is expected to close this afternoon. Selling ideas at around $1,450/tonne CFR NE Asia continued to draw muted buying interest.

PROPYLENE: $1,420-1,440/tonne CFR NE Asia, unchanged
Buying sentiment was cautious following a recent slump in prices of feedstock naphtha and crude. No deals were heard.

By: Staff Reporter
+44 20 8652 3214

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