EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Apr WTI $92.86/bbl, up 23 cent/bbl; Apr BRENT $113.12/bbl, up 41 cents cents/bbl
Crude prices firmed in the afternoon trade, supported by a softer US dollar, a smaller than expected build in US crude stocks and comments from the US Federal Reserve Chairman Ben Bernanke that economic stimulus measures will continue in the US. These factors offset renewed eurozone worries following inconclusive Italian elections, that weighed down on the oil markets on Tuesday.

NAPHTHA: $1,018-1,020/tonne CFR Japan, up $19-20/tonne
Open-spec first-half April contract recouped from earlier losses following a physical trade and rising crude futures. The first-half May contract was done at $983.00/tonne CFR Japan.

BENZENE: $1,393-1,400/tonne FOB Korea, up $3/tonne at the low end
The intermonth spread between second-half March and April was offered at $8/tonne. A cargo for May delivery was booked at $1,380/tonne FOB Korea. May is priced at a backwardation of $15/tonne to April.

TOLUENE: $1,250-1,260/tonne FOB Korea, down $10-15/tonne
Discussions were lower in the afternoon session, weighed down by a weaker China market. Offers for both April and May loadings were at $1,255/tonne FOB Korea.

ETHYLENE: $1,420-1,430/tonne CFR NE Asia, stable
Buying sentiment stayed cautious amid prevailing high prices, with buyers remaining lukewarm to selling indications at $1,450/tonne CFR NE Asia.

PROPYLENE: $1,390-1,410/tonne CFR NE Asia, down $10/tonne
Several cargoes were heard changing hands at $1,370-1,390/tonne CFR NE Asia for arrival in the middle to the second half of March although this could not be immediately confirmed.

By: Staff Reporter
+44 20 8652 3214

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