NOON SNAPSHOT - Asia Markets Summary

02 May 2013 05:00  [Source: ICIS news]

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

CRUDE: June WTI $91.05/bbl, up 2 cents/bbl; June BRENT $100.09/bbl, up 14 cents/bbl
Crude futures made modest gains in Asia morning trade, after significant losses overnight that was triggered by weak economic data from both the US and China – the world’s leading oil consumers.

NAPHTHA: $833.50-836.50/tonne CFR Japan, down $29.50/tonne
Open-spec first-half June contract fell sharply in morning trading on overnight losses in crude futures.

BENZENE: $1,283-1,287/tonne FOB Korea, down $19-23/tonne
Market opened on a soft note, undermined by poor performance in other regional markets overnight. But bids for June loading rose over the course of the morning session to $1,283-1,285/tonne FOB Korea by midday, with offers hovering at $1,285-1,290/tonne FOB Korea.

TOLUENE: $1,130-1,140/tonne FOB Korea, down $10/tonne at the high end
Bids increased over the morning session, tracking firmer crude futures. For June cargoes, bids increased to $1,130/tonne FOB Korea, with earlier offers standing at $1,140/tonne FOB Korea. Bids for July loading also rose from $1,115/tonne FOB Korea to $1,125/tonne FOB Korea, while an offer in early morning stood at $1,145/tonne FOB Korea. The intermonth spread between June and July was discussed at a contango of high single digits.

ETHYLENE: $1,170-1,190/tonne CFR NE Asia, stable
Key buyers in China and Taiwan have just returned from the Labour Day holidays. No deals were located.

PROPYLENE: $1,300-1,310/tonne CFR NE Asia, unchanged
Buying interest was capped at close to $1,300/tonne CFR NE Asia but no offers emerged this morning.

By: Staff Reporter
+44 20 8652 3214

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