NOON SNAPSHOT - Asia Markets Summary

06 March 2013 04:00  [Source: ICIS news]

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

CRUDE: Apr WTI $91.07/bbl, up 25 cents/bbl; Apr BRENT $111.98/bbl, up 37 cents/bbl
Crude prices firmed on Wednesday morning buoyed by a rally in equity markets, North Sea supply issues and hopes of strong levels of oil demand from China amid news of increased government spending in 2013.

NAPHTHA: $953.50-956.50/tonne CFR Japan, up $5.50-6.50/tonne
Open-spec second-half April contract rose in morning trading, in tandem with global crude futures.

BENZENE: $1,400-1,405/tonne FOB Korea, up $20-30/tonne
Three May cargoes were sealed at $1,364-1,370/tonne FOB Korea. May is priced at a backwardation of $32-38/tonne to April

TOLUENE: $1,230-1,235/tonne FOB Korea, up $25/tonne
Bids for April and May cargoes were at $1,220-1,230/tonne FOB Korea, against offers at  $1,235/tonne FOB Korea for May.

ETHYLENE: $1,370-1,400/tonne CFR NE Asia, stable
There was talk of lower offers/selling indications at below $1,400/tonne CFR NE Asia although this could not be immediately confirmed.

PROPYLENE: $1,340-1,370/tonne CFR NE Asia, steady
Buying ideas remained largely at below $1,350/tonne CFR NE Asia, with some negotiations underway for March/April arrival.

By: Staff Reporter
+44 20 8652 3214

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