NOON SNAPSHOT - Asia Markets Summary

28 March 2013 04:00  [Source: ICIS news]

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

CRUDE: WTI May $96.62/bbl, up 4 cents/bbl; BRENT May $109.89/bbl, up 20 cents/bbl
Crude futures edged a few cents higher on Thursday morning. Upbeat economic sentiment in the US was partly offset by ongoing eurozone worries.

NAPHTHA: $942.50-945.50/tonne CFR Japan, up $5.50-6.50/tonne
Open-spec first-half May contract rose in morning trading, supported by gains in overnight crude values.

BENZENE: $1,260-1,285/tonne FOB Korea, down $20/tonne                                                        
Prices fell in the morning session, weighed down by the overnight declines seen in the US market. Two June cargoes were sold at $1,242-1,245/tonne FOB Korea. Subsequently, offers for June lots were at $1,250/tonne FOB Korea.             

TOLUENE: $1,080-1,090/tonne FOB Korea, down $10-15/tonne                                                                   
Offer and bid levels fell during the morning session, with bids landing at $1,060/tonne FOB Korea for second-half April loading. Bids for May parcels were at $1,070/tonne FOB Korea. Offers for June lots were at $1,120/tonne FOB Korea against bids at $1,100/tonne FOB Korea.                                     

ETHYLENE: $1,260-1,290/tonne CFR NE Asia, stable
A 3,000-3,500 tonne shipment was heard sold into China on a formula basis for first-half May delivery. Talk of another deal at above $1,300/tonne CFR China could not be immediately confirmed. Most buying ideas have remained at below $1,300/tonne CFR China because of the weak performance of the downstream derivative sectors.

PROPYLENE: $1,320-1,350/tonne CFR NE Asia, stable
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.

By: Staff Reporter
+44 20 8652 3214

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