NOON SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Apr WTI $93.12/bbl, up 36 cent/bbl; Apr BRENT $112.28/bbl, up 41 cents/bbl
Crude prices strengthened in morning trade in Asia, buoyed by strong demand for Italian debt and comments from US Federal Reserve Chairman Ben Bernanke that he remained committed to economic stimulus.

NAPHTHA: $1,007-1,010/tonne CFR Japan, down $10-11/tonne
Open-spec first-half April contract edged lower in morning trading tracking overnight losses in Brent crude futures.

BENZENE: $1,393-1,400/tonne FOB Korea, stable
A May fixture was settled at $1,375/tonne FOB Korea. Offers for May loading were at $1,377/tonne FOB Korea, against bids at $1,375/tonne FOB Korea.

TOLUENE: $1,240-1,250/tonne FOB Korea, down $10/tonne
Discussions were thin on the back of falling China domestic prices. Offers for May loading were at $1,260/tonne FOB Korea, against bids at $1,245/tonne FOB Korea. A bid for the intermonth spread for April and May was made at a contango of $8/tonne.

ETHYLENE: $1,400-1,430/tonne CFR NE Asia, down $20/tonne at the low end
Buying sentiment from the leading China market turned bearish amid a weak performance in key derivatives from monoethylene glycol (MEG)) to polyethylene (PE). Some buyers now indicate their interest at below $1,400/tonne CFR NE Asia. No deals were located.

PROPYLENE: $1,390-1,410/tonne CFR NE Asia, stable
Bids were mainly heard at below $1,400/tonne CFR NE Asia for end-March arrival, with discussions underway.

By: Staff Reporter
+44 20 8652 3214

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