EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: June WTI $88.34/bbl, down 85 cents/bbl; June BRENT $99.30/bbl, down $1.09/bbl
Crude futures fell sharply in Asian afternoon trade amid heightened worries over the Chinese economy following the release of disappointing April manufacturing data.

NAPHTHA: $833-835/tonne CFR Japan, down $8-9/tonne
Open-spec first-half June contract reversed earlier gains and fell in afternoon trading, in response to falling crude futures. The second-half June/second-half July naphtha spread was done at $11/tonne in backwardation.

BENZENE: $1,300-1,310/tonne FOB Korea, down $10/tonne
Discussions fell in the afternoon session, tracking declines in energy markets. A June lot was sealed at $1,304/tonne FOB Korea during open market trading, following a $1,300/tonne FOB Korea deal for a July cargo.

TOLUENE: $1,125-1,145/tonne FOB Korea, down $10-15/tonne
Prices erased the morning gains in the absence of buyers. The market was undermined by lower crude and gasoline prices. Offers for May cargoes were at $1,136-1,145/tonne FOB Korea, while offers for June parcels stood at $1,150-1,155/tonne FOB Korea.

ETHYLENE: $1,180-1,220/tonne CFR NE Asia, down $20/tonne
Buying ideas were mainly at below $1,200/tonne CFR NE Asia amid ample supply and limited outlets for sale.

PROPYLENE: $1,270-1,290/tonne CFR NE Asia, up $10/tonne at the low end
Two Japanese spot cargoes were heard sold at $1,288-1,290/tonne CFR China for second-half May arrival.

By: Staff Reporter
+44 20 8652 3214

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