EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: WTI May $94.06/bbl, up 35 cents/bbl; BRENT May $108.12/bbl, up 46 cents/bbl
Crude prices continued to trade above the previous session close on Monday afternoon. Prices were buoyed news that the eurozone’s finance ministers had agreed to a €10bn ($13bn) bailout plan with Cyprus which will prevent the collapse of the banking system in the island nation.

NAPHTHA: $934-936/tonne CFR Japan, up $5.50-6.50/tonne
Open-spec first-half May contract rose in afternoon trading, supported by rising crude futures.

BENZENE: $1,300-1,315/tonne FOB Korea, up $30/tonne                
Two June lots were closed at $1,288-1,290/tonne FOB Korea, while a May deal was settled at $1,300/tonne FOB Korea but this could not be confirmed.                                                                                                                                                                                                                                                                                                                                                                                                                                    

TOLUENE: $1,105-1,115/tonne FOB Korea, up $15/tonne                                           
A May deal was concluded at $1,120/tonne FOB Korea. May remained priced at a contango of $10/tonne to April.

ETHYLENE: $1,260-1,290/tonne CFR NE Asia, stable
Traders said it was tough to sell ethylene at above $1,300/tonne CFR NE Asia, particularly due to the recent volatility  in feedstock naphtha prices and the weak performance in key derivatives ranging from polyethylene (PE) to monoethylene glycol (MEG). As such, no deals were heard done.

PROPYLENE: $1,300-1,330/tonne CFR NE Asia, stable
A Japanese spot cargo was heard sold at $1,340/tonne CFR China for second-half April loading although this could not be immediately confirmed.

($1 = €0.77)

By: Staff Reporter
+44 20 8652 3214

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