EVENING SNAPSHOT - Asia Markets Summary

26 March 2013 11:29  [Source: ICIS news]

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

CRUDE: WTI May $95.25/bbl, up 44 cents/bbl; BRENT May $108.07/bbl, down 10 cents/bbl
US crude futures gained ground ahead of the release of weekly US inventory data, while ICE Brent futures edged lower. Concerns remain over the Cyprus bailout terms and the implications for other troubled eurozone economies.

NAPHTHA: $928-930/tonne CFR Japan, down $5.50-6.50/tonne
The open-spec H1 May contract fell in late trade, undermined by the lower consumption for plastics.

BENZENE: $1,298-1,315/tonne FOB Korea, down $2/tonne at low end
A deal was settled earlier in the day at $1,298/tonne FOB Korea for May loading. The inter-month spread between April and May widened to a backwardation of $15-20/tonne.

TOLUENE: $1,090-1,115/tonne FOB Korea, down $5-10/tonne
Offers for May cargoes were at $1,115/tonne FOB Korea, against bids at $1,100/tonne FOB Korea. For June lots, offers were at $1,134/tonne FOB Korea and were countered with bids at $1,128/tonne FOB Korea.

ETHYLENE: $1,260-1,290/tonne CFR NE Asia, stable
Buying ideas were stable at the mid-to-high $1,200s/tonne CFR NE Asia, but no offers were heard.

PROPYLENE: $1,320-1,340/tonne CFR NE Asia, up $10-20/tonne
Selling ideas were heard at $1,350/tonne CFR NE Asia for second-half April arrival against buying ideas at the low $1,300s/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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