EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: WTI May $94.02/bbl, down 18 cents; BRENT May $106.03/bbl, down 20 cents
Crude futures softened on Wednesday afternoon, undermined by a stronger US dollar and the larger-than-expected build in US crude stocks. The downside pressure was capped by upbeat data from China which revealed a large increase in total imports in March.

NAPHTHA: $892-894/tonne CFR Japan, down $4-5/tonne
Open-spec second-half May contract eased in afternoon trading amid softer crude futures. A first-half June contract changed hands at $885/tonne.

BENZENE: $1,325-1,330/tonne FOB Korea, up $5-10/tonne
Six more June lots were booked in the afternoon session at $1,325-1,326/tonne FOB Korea, while two July parcels were sealed at $1,320-1,325/tonne FOB Korea

TOLUENE: $1,155-1,165/tonne FOB Korea, up $10/tonne
Three more June cargoes were transacted at $1,160-1,170/tonne FOB Korea in the afternoon session. Offers for June loading were at $1,180/tonne FOB Korea, against bids at $1,160-1,165/tonne FOB Korea.

ETHYLENE: $1,260-1,300/tonne CFR NE Asia, stable
Trades remained hindered by the buy-sell spread. Offers for spot cargoes loading in end April/May were heard at $1,250/tonne FOB Korea or equivalent to $1,320-1,350/tonne CFR NE Asia but these found few takers given that buying ideas in China were capped at $1,260/tonne CFR China and below.

PROPYLENE: $1,330-1,350/tonne CFR NE Asia, stable
Selling ideas were at above $1,350/tonne CFR NE Asia, while buying ideas were at the low $1,300s/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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