EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: WTI May $92.94/bbl, down 56 cents; BRENT May $108.32/bbl, down 40 cents
Crude futures fell in the afternoon session amid lingering worries over Cyprus’ economy. The downside was capped by news that China’s manufacturing sector picked up in March. China is the world’s second-biggest oil user.

NAPHTHA: $929.50-931.50/tonne CFR Japan, up $6.50-7.50/tonne
Gains in the open-spec H1 May contract were extended following two cash trades. The H2 May contract was done at $918.50/tonne, while the H2 May/H2 June spread was at a $17/tonne backwardation.

BENZENE: $1,270-1,285/tonne FOB Korea, up $5-15/tonne
Two May cargoes were sealed in the afternoon session at $1,285/tonne FOB Korea. Following that, offers for June loading were at $1,278/tonne FOB Korea and those were countered with bids at $1,265/tonne FOB Korea.

TOLUENE: $1,110-1,125/tonne FOB Korea, down $5/tonne at high end
Two first-half April parcels were sold by a major South Korean maker at $1,110-1,112/tonne FOB Korea. Subsequently, a June lot was sealed at $1,135/tonne FOB Korea.

ETHYLENE: $1,240-1,260/tonne CFR NE Asia, stable
Buying ideas remained at the low-to-mid $1,200s/tonne CFR NE Asia, while selling indications were at above $1,250/tonne CFR NE Asia.

PROPYLENE: $1,300-1,330/tonne CFR NE Asia, stable
A buy-sell gap kept trade subdued. Selling interest at $1,340-1,350/tonne CFR NE Asia largely failed to attract buying interest.

By: Staff Reporter
+44 20 8652 3214

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