EVENING SNAPSHOT - Asia Markets Summary

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

SINGAPORE (ICIS)--Here is Wednesday’s end-of-day Asia oil and chemical markets summary.

CRUDE: May WTI $96.88/bbl, down 31 cents/bbl; May BRENT $110.32/bbl, down 37 cents/bbl
Crude futures continued to trade below the previous session’s close amid a stronger US dollar, and demand worries following a much larger than expected build in US crude stocks.

NAPHTHA: $911-913/tonne CFR Japan, down $4-5/tonne
Open-spec second-half May contract eased in afternoon trading amid crude losses. A second-half May contract was traded at $913/tonne, while a first-half June contract was done at $903/tonne.

BENZENE: $1,310-1,320/tonne FOB Korea, up $10/tonne
A deal was settled at $1,297/tonne FOB Korea for June loading. Subsequently, bids were quoted at $1,295/tonne FOB Korea but there were no sellers. The intermonth spread between May and June was discussed at a backwardation of $16-20/tonne.

TOLUENE: $1,120-1,125/tonne FOB Korea, up $10/tonne at the low end
A May cargo was traded at $1,125/tonne FOB Korea in the afternoon session. Bids for May parcels were then at $1,125/tonne FOB Korea, but there were no sellers.

ETHYLENE: $1,280-1,310/tonne CFR NE Asia, up $10/tonne at the high end
Selling ideas were heard at above $1,300/tonne CFR China, while there was talk of a second-half April arrival cargo being offered into Taiwan at $1,270-1,280/tonne CFR NE Asia.

PROPYLENE: $1,330-1,350/tonne CFR NE Asia, stable
Discussions to buy some propylene cargoes were heard at around $1,330/tonne CFR China Main Port for end-April/early May arrival, while buyers were generally resistant to selling ideas at above $1,350/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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