EVENING SNAPSHOT - Asia Markets Summary

01 April 2013 11:00  [Source: ICIS news]

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

CRUDE: WTI May $96.75/bbl, down 48 cents; BRENT May $109.68/bbl, down 34 cents
Crude futures continued to trade below the previous session close on Monday afternoon. Prices were undermined by worries over oil demand growth following weaker-than-forecasted March manufacturing data from China.

NAPHTHA: $917-919/tonne CFR Japan, down $10.50-11.50/tonne
Open-spec second-half May contract extended losses in the afternoon trading on the back of crude losses. The first half of June contract was concluded at $906.50/tonne while the second half of May contract was traded at $918/tonne. The second-half May/second-half June spread at $19/tonne in backwardation.

BENZENE: $1,285-1,290/tonne FOB Korea, up $10-15/tonne
Three June cargoes were booked at $1,265-1,275/tonne FOB Korea. May was priced at parity to April in the absence of trades for April cargoes, while June was priced at a backwardation of $15/tonne to May. 

TOLUENE: $1,090-1,100/tonne FOB Korea, down $5/tonne low end
An offer of a 4,000 tonne lot for second-half April was quoted at $1,095-1,100/tonne FOB Korea. A bid for June-loading cargo was at $1,110/tonne FOB Korea, but there were no sellers.

ETHYLENE: $1,280-1,300/tonne CFR NE Asia, stable
Buying ideas remained largely at below $1,300/tonne CFR NE Asia while it was not clear if a 3,000-3,500 regional cargo that was offered last week at $1,310/tonne CFR China for second-half April arrival was eventually sold.

PROPYLENE: $1,330-1,350/tonne CFR NE Asia, stable
Buyers remained reluctant to pay above $1,350/tonne CFR NE Asia for spot propylene cargoes amid the availability of competitively-priced domestic material.

By: Staff Reporter
+44 20 8652 3214

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