02 April 2013 11:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Tuesday’s end of day Asia oil and chemical market summary from ICIS.
CRUDE: WTI May $97.08/bbl up 1 cent BRENT May $111.37/bbl up 29 cents/bbl
Crude futures edged higher on Tuesday afternoon. Upward pressure generated by a weaker US dollar. A pipeline outage in the US Midwest further buoyed Brent values, but placed some downward pressure on WTI amid expectations of a further build in crude inventories at the WTI Cushing terminal. Concerns over oil demand growth also remained following the release of downbeat economic data from the US.
NAPHTHA: $919.50-921.50/tonne CFR Japan, down $4.50-5.50/tonne
Open-spec second-half May contract retreated in afternoon trading, following a couple of cash trades. The second-half May/second-half June spread traded at a weaker backwardation of $17/tonne, while the first-half June contract was done at $911/tonne.
BENZENE: $1,285-1,295/tonne FOB Korea, up $5/tonne on the upper end
A June cargo was booked at $1.275/tonne FOB Korea in the afternoon session, while bids for intermonth spread stood at a backwardation of $15/tonne.
TOLUENE: $1,110-1,125/tonne FOB Korea, up $15-25/tonne
For May cargoes, offers were at $1,125/tonne FOB Korea against bids at $1,105-1,110/tonne FOB Korea. Bids for May cargos were at $1,125-1,130/tonne FOB Korea, while bids for June parcels at $1,130-1,135/tonne FOB Korea for July.
ETHYLENE: $1,280-1,300/tonne CFR NE Asia, stable
Trades for early May arrival cargoes were hindered by the buy-sell spread. Offers were mentioned at above $1,300/tonne CFR China for early May arrival cargoes but bids were capped at around $1,280/tonne CFR China. Separately, discussions remained in place at $1,250-1,280/tonne FOB Taiwan for a 4,000 tonne cargo. No deals were heard.
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