NOON SNAPSHOT - Asia Markets Summary

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

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

CRUDE: June WTI $93.80/bbl, down 19 cents/bbl; June BRENT $102.63/bbl, down 22 cents/bbl
Crude futures edged lower in Asian morning trade following large gains made the previous day. Crude rose on Thursday after the European Central Bank cut interest rates as part of its bid to provide financial support to the debt-laden eurozone.

NAPHTHA: $842.00-845.00/tonne CFR Japan, up $16.50-17.50/tonne
Open-spec second-half June prices rebounded in morning trading, helped by overnight gains in crude futures.

BENZENE: $1,290-1,295/tonne FOB Korea, up $5-8/tonne
A July cargo was booked at $1,290/tonne FOB Korea in the morning session. Prior to the deal, offers for June cargoes were at $1,300/tonne FOB Korea, which were countered with bids at $1,290/tonne FOB Korea. Subsequently, offers for July loading decreased to $1,291/tonne FOB Korea, against bids at $1,288-1,290/tonne FOB Korea. By midday, discussions for July lots were at $1,290-1,295/tonne FOB Korea.

TOLUENE: $1,130-1,150/tonne FOB Korea, up $10/tonne
Discussion levels opened firmer in the morning session, buoyed by an increase in China domestic prices, and overnight gains in the energy markets. Bids for June cargoes were at $1,141/tonne FOB Korea, which were countered with offers at $1,160/tonne FOB Korea.

ETHYLENE: $1,170-1,190/tonne CFR NE Asia, stable
Buying interest was unchanged at below $1,200/tonne CFR NE Asia but no deals were heard.

PROPYLENE: $1,300-1,320/tonne CFR NE Asia, steady
Buying interest ranged from below $1,300/tonne to the low-$1,300/tonne CFR NE Asia levels but most buyers stayed at the sidelines.

By: Staff Reporter
+44 20 8652 3214

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