05 April 2013 05:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Friday’s midday Asia oil and chemical market summary from ICIS.
CRUDE: WTI May $93.34/bbl, up 8 cents; BRENT May $106.53/bbl, up 19 cents
Crude futures edged higher on Friday morning supported by a move by the Bank of Japan which announced a new monetary stimulus plan. Crude prices had lost ground in the previous session after US Government data revealed a rise in unemployment claims.
NAPHTHA: $889.50-892.50/tonne CFR Japan, down $5.50-6.50/tonne
Open-spec second-half May contract fell in morning trading because of overnight losses in crude futures.
BENZENE: $1,302-1,312/tonne FOB Korea, up $2-7/tonne
Offers for June cargoes were at $1,310/tonne FOB Korea, against bids at $1,290/tonne FOB Korea. For intermonth spread between May and June, offers were at a backwardation of $15-20/tonne that were countered with bids at $10/tonne.
TOLUENE: $1,115-1,125/tonne FOB Korea, stable
Most sellers were sidelined in the morning session, with bids quoted at $1,120/tonne FOB Korea for June loading and $1,125/tonne FOB Korea for July parcels.
ETHYLENE: $1,280-1,310/tonne CFR NE Asia, stable
Trading activity was subdued amid holidays in the region while buying ideas for May arrival remained unchanged at below $1,300/tonne CFR NE Asia.
PROPYLENE: $1,330-1,350/tonne CFR NE Asia, steady
Three cargoes loading in the second half to the end of April were heard to have changed hands at $1,320-1,340/tonne CFR NE Asia.
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