EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: June WTI $89.83/bbl, up 65 cents/bbl; June BRENT $101.04/bbl, up 73 cents/bbl
Crude futures strengthened in the afternoon trade, supported by a weaker US dollar and after industry data revealed a small but unexpected decline in US crude stocks.

NAPHTHA: $835.50-837.50/tonne CFR Japan, down $3.50-4.50/tonne
Open-spec first-half June contract weakened in afternoon trading despite rising crude futures as concerns over a decline in petrochemical demand undermined the naphtha market.

BENZENE: $1,310-1,315/tonne FOB Korea, up $2-5/tonne
Offers for June cargoes were at $1,319-1,320/tonne FOB Korea, which were countered with bids at $1,310-1,311/tonne FOB Korea. For July lots, offers were at $1,308-1,320/tonne FOB Korea, against bids at $1,300-1,307/tonne FOB Korea.

TOLUENE: $1,125-1,148/tonne FOB Korea, up $3/tonne at the high end
A July parcel was sealed at $1,150/tonne FOB Korea in the afternoon session. For second-half May loading, offers were at $1,135-1,140/tonne FOB Korea, but there was not much buying interest.

ETHYLENE: $1,170-1,200/tonne CFR NE Asia, down $10/tonne at the low end
Buying ideas were heard at $1,100-1,150/tonne CFR NE Asia against selling interest at around $1,200/tonne CFR NE Asia. The wide buy-sell gap hampered trade.

PROPYLENE: $1,270-1,290/tonne CFR NE Asia, stable
Availability of competitively-priced domestic cargoes in the leading China market dmpened buying appetite for imports. End-users were not keen on selling ideas at close to $1,300/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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