30 April 2013 05:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Tuesday’s midday Asia oil and chemical markets summary.
CRUDE: June WTI $94.41/bbl, down 9 cents/bbl; June BRENT $103.64/bbl, down 17 cents/bbl
Crude futures edged lower in Asian morning trade, giving back some of the sizeable gains made in the previous trading day. Traders await the outcome of a two-day US Federal Reserve meeting, which is expected to result in a continuation of its monetary stimulus programme involving US bond purchases.
NAPHTHA: $862.50-865.50/tonne CFR Japan, up $5.50/tonne
Open-spec first-half June contract edged higher in morning trading on the back of overnight gains in crude futures.
BENZENE: $1,302-1,315/tonne FOB Korea, up $1-5/tonne
Sporadic offers for June loading at $1,315/tonne FOB Korea were countered with bids at $1,300/tonne FOB Korea. Offers for intermonth spread between June and July were at a backwardation of $10/tonne, against bids at $5-7/tonne.
TOLUENE: $1,130-1,150/tonne FOB Korea, stable
No discussions were heard for May cargoes. Offers for June loading were at $1,150/tonne FOB Korea, against bids at $1,135/tonne FOB Korea. For July parcels, discussions were at $1,145-1,150/tonne FOB Korea in early morning, but edged up to $1,149-1,155/tonne FOB Korea towards midday.
ETHYLENE: $1,170-1,190/tonne CFR NE Asia, stable
Sporadic buying interest for second-half May arrival was heard at below $1,150/tonne CFR NE Asia from Taiwan but no offers were heard.
PROPYLENE: $1,300-1,310/tonne CFR NE Asia, flat
No CFR trades were located, while selling ideas for June shipments were unchanged at above $1,250/tonne FOB Korea.
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