EVENING SNAPSHOT - Asia Markets Summary

11 March 2013 10:00  [Source: ICIS news]

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

CRUDE: Apr WTI $91.61/bbl, down 34 cents; Apr BRENT $110.20/bbl, down 65 cents/bbl
Crude prices weakened further in the afternoon trade amid worries over inflation in China and a stronger US dollar.

NAPHTHA: $962.00-964.00/tonne CFR Japan, up $2.50-3.50/tonne
Open-spec second-half April contract rebounded in afternoon trading, supported by two cash trades. The first half of May contract was done at $945/tonne, while the second-half April/first-half May spread was done at $18/tonne in backwardation.

BENZENE: $1,333-1,343/tonne FOB Korea, up $16-18/tonne
A May cargo was bought by a South Korean aromatics major at $1,310/tonne FOB Korea. A half-month spread between first-half April and second-half April was settled at a backwardation of $13/tonne.

TOLUENE: $1,180-1,195/tonne FOB Korea, stable
Discussions remained limited in the afternoon session, with bids for second-half April cargoes at $1,180-1,185/tonne FOB Korea.

ETHYLENE: $1,320-1,330/tonne CFR NE Asia, down $10-20/tonne
A 3,000-3,500 tonne regional cargo was heard sold into China at $1,285/tonne CFR for relatively prompt arrival in the second half to end of March. This could not be immediately confirmed. April discussions were expected to kick off later in the week.

PROPYLENE: $1,320-1,350/tonne CFR NE Asia, steady
Market sentiment was cautious. Buying ideas were heard at close to $1,300/tonne CFR NE Asia from the leading China market, but some traders were not keen to offload cargoes, maintaining their selling indications for April shipments at around $1,350/tonne CFR NE Asia.


By: Staff Reporter
+44 20 8652 3214



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