EVENING SNAPSHOT - Asian Markets Summary

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

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

CRUDE: June WTI $96.07/bbl, down 55 cent/bbl; June BRENT $103.81/bbl, down 53 cents/bbl
Crude futures fell in the afternoon trade amid concerns over softer oil demand and a higher-than-expected April inflation rate in China. China also announced that it will raise its retail prices for gasoline and diesel by around 1% from 10 May.

NAPHTHA: $867.50-$869.50/tonne CFR Japan, down $1.00-2.00/tonne
Open-spec second-half June prices narrowed in afternoon trading, tracking lower crude futures.

BENZENE: $1,293-1,300/tonne FOB Korea, stable
An offer for July loading was quoted at $1,297/tonne FOB Korea, against bids at $1,280/tonne FOB Korea. Offers for the intermonth spread between June and July were at a backwardation of $5/tonne on an FOB Korea basis.

TOLUENE: $1,145-1,160/tonne FOB Korea, up $5/tonne
Sentiment improved on the back of higher discussion levels on CFR China basis. Offers for June parcels were at $1,160/tonne FOB Korea, but there were no counterbids.

ETHYLENE: $1,160-1,180/tonne CFR NE Asia, unchanged
Bids for end-May/early June arrival cargoes remained capped at $1,150-1,170/tonne CFR NE Asia on fixed-price basis. Offers on formula-price basis for a 4,000- to 5,000-tonne Middle East-origin cargo were met with subdued buying interest.

PROPYLENE: $1,320-1,330/tonne CFR NE Asia, steady
Selling ideas were heard at around $1,340-1,350/tonne CFR NE Asia against buying ideas at the low-$1,300/tonne CFR NE Asia levels. A deal for a first-half June delivery cargo was fixed at $1,330-1,335/tonne CFR China, while another was done at around $1,320/tonne CFR China.

By: Staff Reporter
+44 20 8652 3214

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