EVENING SNAPSHOT - Asia Markets Summary

02 May 2013 11:00  [Source: ICIS news]

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

CRUDE: June WTI $91.30/bbl, up 27 cents/bbl; June BRENT $100.62/bbl, up 67 cents/bbl
Crude futures made further gains in Asian afternoon trade. Buyers returned to the market following sharp price falls overnight after the release of weak economic data from both the US and China – the world’s leading oil consumers.

NAPHTHA: $825.50-827.50/tonne CFR Japan, down $8.00-9.00/tonne
Open-spec naphtha prices edged down in afternoon trading amid an overall weaker energy markets.

BENZENE: $1,285-1,287/tonne FOB Korea, up $2/tonne at the low end
Four July parcels were sealed at $1,278-1,280/tonne FOB Korea in the afternoon session, while the intermonth spread between June and July was discussed at a backwardation of $7-8/tonne.

TOLUENE: $1,120-1,140/tonne FOB Korea, down $10/tonne at the low end
Offers were limited in the afternoon session, with bids at $1,115-1,120/tonne FOB Korea for second-half May loading, and at $1,140-1,141/tonne FOB Korea for July parcels.

ETHYLENE: $1,170-1,190/tonne CFR NE Asia, stable
Selected buying interest was heard from China for second-half May arrival, with buying interest maintained at the high-$1,100/tonne CFR NE Asia levels. However, some end-users had just started negotiations after returning from the Labour Day holiday. No deals were located.

PROPYLENE: $1,300-1,320/tonne CFR NE Asia, up $10/tonne at the high end
Selling interest as high as $1,330-1,340/tonne CFR NE Asia drew muted interest from buyers. Sporadic buying interest ranged from below $1,300/tonne to $1,310/tonne CFR NE Asia. The wide buy-sell gap hampered trade.

By: Staff Reporter
+44 20 8652 3214

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