NOON SNAPSHOT - Asia Markets Summary

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

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

CRUDE: May WTI $94.37/bbl, down 27 cents/bbl; May BRENT $105.60/bbl, down 19 cents/bbl
Crude futures softened in the morning trade, undermined by high US inventory levels, and after OPEC lowered its global oil demand growth forecast for 2013.

NAPHTHA: $886-889/tonne CFR Japan, down $5-6/tonne
Open-spec second-half May contract slipped in morning trading, tracking lower crude.

TOLUENE: $1,155-1,165/tonne FOB Korea, unchanged
Discussions for May lots were thin. Offers for June cargoes stood at $1,175/tonne FOB Korea amid an absence of buyers. For July parcels, offers were at $1,180/tonne FOB Korea, which were countered by bids at $1,160/tonne FOB Korea.

BENZENE: $1,315-1,325/tonne FOB Korea, down $5-10/tonne
Trading activity slowed down in the morning session from the previous day because of overnight losses in the crude market. Offers for June loading were at $1,318-1,322/tonne FOB Korea against bids at $1,305-1,312/tonne FOB Korea. An offer for a July lot was quoted at $1,320/tonne FOB Korea but there was no counter bid.

ETHYLENE: $1,260-1,280/tonne CFR NE Asia, down $20/tonne at the high end
Bids for end-April/May shipment cargoes were heard at $1,230-1,260/tonne CFR Taiwan/China versus offers at $1,280-1,300/tonne CFR Taiwan/China. No deals were heard.

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

By: Staff Reporter
+44 20 8652 3214

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