NOON SNAPSHOT - Asia Markets Summary

01 April 2013 05:00  [Source: ICIS news]

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

CRUDE: WTI May $96.82/bbl, down 41 cents; BRENT May $109.77/bbl, down 25 cents
Crude futures were trading lower on Monday morning, undermined by weaker-than-expected March manufacturing data from China.

NAPHTHA: $927.50-930.50/tonne CFR Japan, down $14-15/tonne
Open-spec second-half May contract fell in the morning trading, partly in response to softer crude futures. The overall weak petrochemicals demand weighed on naphtha prices.

BENZENE: $1,270-1,280/tonne FOB Korea, stable
Market was thinly traded in the morning session. Offers of cargoes for June loading were at $1,265/tonne FOB Korea, countered with bids at $1,250/tonne FOB Korea. A bid emerged for May cargoes at $1,270/tonne CFR Taiwan in the absence of sellers.

TOLUENE: $1,095-1,100/tonne FOB Korea, up $10-15/tonne
Bids for June parcels were at $1,105/tonne FOB Korea and at $1,105-1,110/tonne FOB Korea for July cargoes. Sellers were largely on the sidelines.

ETHYLENE: $1,280-1,300/tonne CFR NE Asia, up $20/tonne at low end
Discussions to sell a 4,000 tonne ethylene cargo of Taiwanese origin into China remain underway at $1,250-1,280/tonne FOB NE Asia. Selling ideas were heard at above $1,300/tonne on a CFR NE Asia basis, market sources said.

PROPYLENE: $1,330-1,350/tonne CFR NE Asia, stable
No offers have emerged but sporadic buying interest from China remains at the low-$1,300s/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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