EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: May WTI $93.14/bbl, down 12 cents/bbl; May BRENT $106.20/bbl, down 14 cents/bbl
Crude futures weakened in the afternoon trade, undermined by a stronger US dollar that offset the positive sentiment generated by the Bank of Japan’s announcement of a new monetary stimulus plan.

NAPHTHA: $895.00-897.00/tonne CFR Japan, up $4.50-5.50/tonne
The first-half June contract was done at $885/tonne and at $887/tonne, supporting a rebound in naphtha prices.

BENZENE: $1,305-1,320/tonne FOB Korea, up $3-8/tonne
A July cargo was sealed at $1,290/tonne FOB Korea in the afternoon session. Bids for June cargoes hovered at $1,295-1,300/tonne FOB Korea, while an offer was quoted at $1,310/tonne FOB Korea.

TOLUENE: $1,125-1,140/tonne FOB Korea, up $10-15/tonne
Two June cargoes were concluded between two traders at $1,138/tonne FOB Korea. Subsequently, offers were quoted at $1,145/tonne FOB Korea for June, against bids at $1,138-1,140/tonne FOB Korea.

ETHYLENE: $1,280-1,310/tonne CFR NE Asia, stable
No trades were heard amid holidays in the region. Sellers had mixed views on the market direction. Some traders kept selling ideas at above $1,300/tonne CFR NE Asia, while other traders deem it impossible to sell ethylene at such levels following the recent slump in feedstock naphtha values.

PROPYLENE: $1,330-1,350/tonne CFR NE Asia, steady
Sellers were awaiting direction from China and Taiwan when they re-open for business next week. No deals were heard.

By: Staff Reporter
+44 20 8652 3214

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