EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Apr WTI $92.50/bbl, down 26 cent/bbl; Apr BRENT $112.00/bbl, up 13 cents/bbl
Crude prices eased in afternoon trade amid a firmer US dollar. However, ICE Brent crude retained some upside, supported by easing eurozone worries following a successful Italian bond issue. Further support were generated after US Federal Reserve Chairman Ben Bernanke reaffirmed his commitment to economic stimulus measures.

NAPHTHA: $997-999/tonne CFR Japan, down $10-11/tonne
Open-spec first-half April contract extended losses in afternoon trading, following three cash deals. Two second-half April contracts were done – one at $981/tonne and the other at $980/tonne. Meanwhile, the second-half April/first-half May spread got traded at $17/tonne in backwardation.

BENZENE: $1,376-1,390/tonne FOB Korea, down $10-17/tonne
Two May cargoes were sealed at $1,374/tonne FOB Korea, while an intermonth spread between April and May was transacted at a backwardation of $18/tonne. April is priced at a backwardation of $5/tonne to March.

TOLUENE: $1,230-1,240/tonne FOB Korea, down $10/tonne
Offer for May and June cargoes were at $1,250/tonne FOB Korea, but countered bids were at $1,240/tonne FOB Korea. May is priced at parity to April, while April is priced at a contango of $10/tonne against March.

ETHYLENE: $1,400-1,430/tonne CFR NE Asia, stable
Discussions for cargoes into China remained muted as buyers were sidelined by prevailing high prices. Buying ideas were heard at below $1,400/tonne CFR NE Asia, but no deals were located.

PROPYLENE: $1,380-1,400/tonne CFR NE Asia, down $10/tonne
Buying interest fell to around $1,380/tonne CFR China following deals done at around this level for March arrival earlier in the week. Selling indications from some traders were at least at $1,400/tonne CFR NE Asia levels for end-March/April arrival.

By: Staff Reporter
+44 20 8652 3214

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