22 April 2013 05:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Monday’s midday Asia oil and chemical markets summary.
CRUDE: May WTI $88.42/bbl, up 41 cents/bbl; June BRENT $100.04/bbl, up 39 cents/bbl
Crude futures firmed in the morning trade, supported by bargain-hunting after recent sharp price falls. Global demand concerns remain following recent weak economic data from the US and China.
NAPHTHA: $833.50-836.50/tonne CFR Japan, down $1.00-2.00/tonne
Open-spec first-half June contract slipped in morning trading despite higher crude futures, as a weakening downstream market weighed on feedstock prices.
BENZENE: $1,315-1,320/tonne FOB Korea, up $5/tonne at the low end
Offers for June cargoes stood at $1,320-1,325/tonne FOB Korea, against bids at $1,310-1,312/tonne FOB Korea. For July lots, offers were at $1,318-1,320/tonne FOB Korea, which were countered with bids at $ 1,304-1,305/tonne FOB Korea. The intermonth spread between June and July were discussed at a backwardation of $3-12/tonne.
TOLUENE: $1,125-1,145/tonne FOB Korea, up $15/tonne at the high end
Offer-bid gap was wide in the morning session for June cargoes, where offers were quoted at $1,165/tonne FOB Korea and bids were at $1,140-1,145/tonne FOB Korea. An offer for second-half May loading emerged at $1,145/tonne FOB Korea but there were no takers. For July parcels, offers were at $1,155-1,165/tonne FOB Korea, against bids at $1,150/tonne FOB Korea.
ETHYLENE: $1,200-1,240/tonne CFR NE Asia, steady
No deals were heard as buyers and sellers retreated to the sidelines following the recent price decline to a four-month low.
PROPYLENE: $1,260-1,290/tonne CFR NE Asia, stable
Buying ideas were unchanged at below $1,300/tonne CFR NE Asia, while no offers were heard.
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