28 March 2013 10:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Thursday’s end of day Asia oil and chemical market summary from ICIS.
CRUDE: WTI May $96.60/bbl, up 2 cents; BRENT May $109.75/bbl, up 6 cents
Crude futures were trading a few cents above the previous session close on Thursday afternoon. Prices were supported by more positive outlook for the US. However, eurozone debt problems continued to weigh on the market and limit upside pressure.
NAPHTHA: $942.50-944.50/tonne CFR Japan, down $1/tonne high end
Open-spec first-half May contract narrowed at the high end of the range in the afternoon trading, amid a lack of cash deals. However, the backwardation widened to $25.50/tonne from $24/tonne on 27 March because of higher crude futures.
BENZENE: $1,257-1,270/tonne FOB Korea, down by $3-15/tonne
Intermonth spread between April and May narrowed, with an offer quoted at a backwardation of $18/tonne. Offers of cargoes for June loading were at $1,257/tonne FOB Korea, while bids for May lots were at $1,255/tonne FOB Korea.
TOLUENE: $1,080-1,090/tonne FOB Korea, stable
Three June cargoes were sold at $1,100-1,115/tonne FOB Korea earlier in the day, while limited discussions were heard in the afternoon.
ETHYLENE: $1,260-1,290/tonne CFR NE Asia, stable
Discussions were subdued because of wide buy-sell gap. Sellers targeted prices at above $1,300/tonne CFR NE Asia but buying ideas were largely in the mid $1,200s/tonne CFR NE Asia for second-half April and early May arrival cargoes.
PROPYLENE: $1,330-1,350/tonne CFR NE Asia, up $10/tonne low end
Selling ideas for second-half April/May shipment were heard at $1,360-1,370/tonne CFR NE Asia or above, against buying ideas in the low $1,300s/tonne CFR NE Asia. An end-user bought a second-half April arrival cargo on formula basis.
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