EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: WTI May $95.89/bbl, down 45 cents; BRENT May $109.16/bbl, down 20 cents
Crude futures were trading below the previous session close on Wednesday afternoon, undermined by a stronger US dollar. Crude prices had made sizeable gains in the previous session buoyed by upbeat US economic data.

NAPHTHA: $937-939/tonne CFR Japan, down $1-2/tonne
Open-spec first-half May contract eased in late trading, but were stronger than the levels seen on Tuesday as the market recorded higher-priced cash deals. The second-half May contract was done at $924/tonne and at $925/tonne, while the first-half May/second-half May spread traded at $13/tonne in backwardation.

BENZENE: $1,280-1,305/tonne FOB Korea, down $10-15/tonne
Three June lots were booked at $1,270-1,285/tonne FOB Korea. A bid for intermonth spread between second-half April and May was at a backwardation of $20/tonne.

TOLUENE: $1,090-1,105/tonne FOB Korea, down $10/tonne at the  high end
A June cargo was sealed at $1,126/tonne FOB Korea, followed by a May parcel being transacted at $1,105/tonne FOB Korea.

ETHYLENE: $1,260-1,290/tonne CFR NE Asia, stable
Trade was limited as buyers stayed on the sidelines and adopted a wait-and-see stance. Spot offers at $1,300-1,3200/tonne CFR NE Asia drew little interest, with buying indications from Chinese buyers far apart at the mid-to-high $1,200’s/tonne CFR NE Asia.

PROPYLENE: $1,320-1,350/tonne CFR NE Asia, up by $10/tonne at the high end
Selling ideas for second half April/May shipment were heard at $1,350/tonne CFR NE Asia or above against buying ideas at the low $1,300s/tonne CFR NE Asia. A deal for second half April arrival was heard done at $1,350/tonne CFR China.

By: Staff Reporter
+44 20 8652 3214

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