07 March 2013 04:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Thursday’s midday Asia oil and chemical markets summary.
CRUDE: Apr WTI $90.40/bbl, down 3 cents/bbl; Apr BRENT $110.94/bbl, down 12 cents/bbl
Crude prices edged lower in the morning trade, pressured by a larger than expected build in US crude stocks.
NAPHTHA: $960-963/tonne CFR Japan, down $5-6/tonne
Open-spec second-half April contract fell in morning trading because of overnight declines in crude futures.
BENZENE: $1,360-1,370/tonne FOB Korea, down $25/tonne
A May cargo was closed at $1,340/tonne FOB Korea. Subsequently, offers for May loading were quoted at $1,342-1,345/tonne FOB Korea against bid at $1,335-1,338/tonne FOB Korea. May is priced at a backwardation of $25/tonne to April
TOLUENE: $1,210-1,230/tonne FOB Korea, down $5-10/tonne
Offers for April, May and June loadings were at $1,230/tonne FOB Korea. Buying ideas were limited, with a bid quoted for April parcel at $1,200/tonne FOB Korea.
ETHYLENE: $1,330-1,350/tonne CFR NE Asia, stable
Buying appetite remains muted in China, partly as some end-users had to defer the delivery of their term cargoes into April due to production-related issues at their plants. No other deals were heard.
PROPYLENE: $1,320-1,350/tonne CFR NE Asia, flat
Selling indications for second-half March arrival were heard at around $1,350/tonne CFR NE Asia, but buying
ideas were below this level. Negotiations are underway.
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