NOON SNAPSHOT - Asia Markets Summary

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

SINGAPORE (ICIS)--Here is Monday’s midday Asia oil and chemical markets summary.

CRUDE: May WTI $92.90/bbl, up 20 cents/bbl; May BRENT $104.47/bbl, up 35 cents/bbl
Crude oil futures rebounded in the morning session following steep losses last week because of disappointing US jobs data.

NAPHTHA: $881-884/tonne CFR Japan, down $13-14/tonne
Open-spec second-half May contract fell on hefty losses in Brent crude futures on Friday.

BENZENE: $1,300-1,315/tonne, down $5/tonne
Offers for June cargoes were at $1,305/tonne against bid at $1,290/tonne. The intermonth spread between May and June shipments was at backwardation of $10/tonne. For July,  offers were at $1,305/tonne but there were no buyers.

TOLUENE: $1,125-1,140/tonne, unchanged
Bids for June parcels were at $1,135-1,136/tonne FOB Korea but there were no sellers. June is priced at a contango of $5-10/tonne to May.  Bids for July were at $1,136/tonne.

ETHYLENE: $1,280-1,310/tonne CFR NE Asia, stable
Buying ideas for second-half April arrival cargoes were capped in the low-$1,200/tonne CFR NE Asia levels, as buyers were reluctant to pay higher prices following recent declines in upstream crude and naphtha values. Discussions have yet to kick off in earnest after the public holidays in Taiwan and China.

PROPYLENE: $1,330-1,350/tonne CFR NE Asia, flat
No firm offers were heard in the morning although most buying ideas were below $1,350/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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