EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Apr WTI $92.30/bbl, down 81 cents/bbl; Apr BRENT $113.53/bbl, down 91 cents/bbl
Crude values continued to trade well below the previous session’s close. Prices eased amid worries over instability in the eurozone following the lack of a clear winner in recent Italian elections. Weak Chinese manufacturing data has also raised concerns over oil demand growth in the world’s second largest oil consumer.

NAPHTHA: $1,010-1,012/tonne CFR Japan, up $5.50-6.50/tonne
Open-spec first-half April contract rebounded in afternoon trading on the back of strong Asian demand for the petrochemical feedstock.

BENZENE: $1,400-1,410/tonne FOB Korea, down $10/tonne
Offer and bid levels declined in the afternoon session, weighed down by crude's decline and concerns over fundamental demand. Offers for April cargoes were at $1,395-1,400/tonne FOB Korea, against bids at $1,390/tonne FOB Korea.

TOLUENE: $1,265-1,270/tonne FOB Korea, down $20-25/tonne
A deal was settled at $1,290/tonne FOB Korea for April early afternoon, after which, offers were made at $1,275-1,280/tonne FOB Korea for April, against bids at $1,270/tonne FOB Korea.

ETHYLENE: $1,420-1,430/tonne CFR NE Asia, stable
No deals were heard. Some buyers in the leading China market do not need to seek cargoes in the spot market, as their requirements are covered by term supplies.

PROPYLENE: $1,410-1,430/tonne CFR NE Asia, steady
Buying ideas ranged from below $1,400/tonne up to $1,420/tonne CFR NE Asia for any-March arrival, against selling ideas at close to $1,430/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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