NOON SNAPSHOT - Asia Markets Summary

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

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

CRUDE: WTI APR $92.54/bbl, down 57 cents; BRENT APR $113.89/bbl, down 55 cents
Crude values softened on Tuesday following on from sharp losses in the previous day. Crude values eased amid concerns over the impact of weaker Chinese manufacturing data on oil demand growth and renewed eurozone concerns following an inconclusive Italian election.

NAPHTHA: $1,003.50-1,006.50/tonne CFR Japan, down $6.50-7.50/tonne
Open-spec first-half April contract fell in morning trading in tandem with global crude futures.

BENZENE: $1,410-1,420/tonne FOB Korea, stable
Trading activity was brisk in the morning session. An April cargo was booked at $1,410/tonne FOB Korea. Subsequently, two May lots were sold at $1,395/tonne FOB Korea, while an intermonth spread between April and May was transacted at a backwardation of $15/tonne on FOB Korea basis.

TOLUENE: $1,285-1,295/tonne FOB Korea, stable
Discussions were largely unchanged from previous day's close. An offer for April loading was quoted at $1,305/tonne FOB Korea, but there were no takers. A bid for May lot was at $1,285/tonne FOB Korea but most players deemed this price level as low.

ETHYLENE: $1,420-1,430/tonne CFR NE Asia, stable
The recent price hike kept buyers at the sidelines and selling targets at $1,450/tonne CFR NE Asia generally failed to attract interest.

PROPYLENE: $1,410-1,430/tonne CFR NE Asia, steady
An offer to sell a regional cargo at $1,430/tonne CFR China for mid-March arrival was met with buying interest at $1,410-1,420/tonne CFR China, market sources said.

By: Staff Reporter
+44 20 8652 3214

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