EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: May WTI: $92.42/bbl, down 3 cents; May Brent: $107.02/bbl, down 45 cents
Crude prices fell in the afternoon as investors eye a Monday deadline for Cyprus to raise the funds needed to secure an European bailout.}

NAPHTHA: $920-922/tonne CFR Japan, down $1 at the high end
Open-spec first-half May contract dropped at the upper end of range amid cracker run cuts and weaker crude futures.

BENZENE: $1,270-1,285/tonne FOB Korea, up $5/tonne on high end
A May cargo was booked at $1,273/tonne FOB Korea, while a June lot was transacted at $1,265/tonne FOB Korea. A bid for intermonth spread between second-half April-May was at a backwardation of $9/tonne, but there were no sellers.

TOLUENE: $1,100-1,110/tonne FOB Korea, down $5/tonne on high end
Offers for May cargoes were at $1,120/tonne FOB Korea, against bids at $1,100/tonne FOB Korea. For June lots, offers were at $1,130/tonne FOB Korea amid an absence of buying interest.

ETHYLENE: $1,260-1,290/tonne CFR NE Asia, up $10/tonne
Sellers were mostly sidelined or preferred to offer spot cargoes on a formula basis. Buying ideas mainly hovered at the mid-to-high-$1,200s/tonne CFR NE Asia, depending on the derivative sector.

PROPYLENE: $1,300-1,330/tonne CFR NE Asia, steady
Buyers and sellers withdrew to the sidelines to wait and watch amid uncertainty over the market outlook. Buying interest remained capped at the low-$1,300s/tonne CFR NE Asia.


By: Staff Reporter
+44 20 8652 3214



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