NOON SNAPSHOT - Asia Markets Summary

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

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

CRUDE: June WTI $95.82/bbl, up 20 cents/bbl; June BRENT $104.40/bbl, unchanged
Crude futures were trading just above the previous session close in Asian morning trade. Crude lost ground the previous session after the US Energy Information Administration (EIA) cut its forecasts for oil demand in 2013, and as US industry data revealed a larger-than-expected rise in US distillate stocks.

NAPHTHA: $854.50-857.50/tonne CFR Japan, down $5.50-6.50/tonne
Open-spec second-half June prices edged down in morning trading because of weaker crude futures.

BENZENE: $1,293-1,295/tonne FOB Korea, flat
Discussions were limited in the morning session, with an offer quoted for June loading at $1,310/tonne FOB korea amid subdued buying interest. For july lots, offers were quoted at 1295 fob korea against bids at 1285 fob korea.

TOLUENE: $1,140-1,155/tonne FOB Korea,  unchanged
Market players stayed on the sidelines given an uncertain price outlook amid weakness in China’s domestic market and soft crude futures. Selling ideas for July cargoes stood at close to $1,170/tonne FOB Korea.

ETHYLENE: $1,150-1,170/tonne CFR NE Asia, down $20/tonne
A 2,300-tonne northeast Asian origin cargo was heard sold at $1,150/tonne CFR China for loading in the first half of June.

PROPYLENE: $1,310-1,330/tonne CFR NE Asia, stable
Selling ideas were heard at $1,330-1,340/tonne CFR NE Asia against buying ideas at the low-$1,300/tonne CFR NE Asia levels.

By: Staff Reporter
+44 20 8652 3214

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