NOON SNAPSHOT - Asia Markets Summary

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

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

CRUDE: June WTI $93.96/bbl, down 34 cents/bbl ; June BRENT $103.24/bbl, down 44 cents/bbl
Crude futures softened in Asian morning trade after gaining ground in the previous session. Prices eased following a large unexpected build in US gasoline stocks.

NAPHTHA: $861-864/tonne CFR Japan, up $4-5/tonne
Open-spec first-half July prices rose in morning trading on the back of overnight gains in Brent crude futures.

BENZENE: $1,280-1,285/tonne FOB Korea, down $5/tonne at the low end
A deal was concluded in the morning session at $1,283/tonne FOB Korea. Subsequently, offers for July loading slipped to $1,283/tonne FOB Korea from $1,285/tonne FOB Korea, while bids hovered at $1,275-1,280/tonne FOB Korea. A bid for intermonth spread between July and August stood at a backwardation of $2/tonne on FOB Korea basis.

TOLUENE: $1,135-1,145/tonne FOB Korea, down $3-5/tonne
Offers for July parcels increase to $1,159/tonne FOB Korea from $1,156/tonne FOB Korea, while bids were at $1,145-1,146/tonne FOB Korea earlier in the day. Bids for August loading dipped to $1,140/tonne FOB Korea from $1,144/tonne FOB Korea. A bid for intermonth spread between July and August was at a contango of $13/tonne on FOB Korea basis.

ETHYLENE: $1,180-1,230/tonne CFR NE Asia, unchanged
No fresh deals were heard, while buying ideas were unchanged from below $1,200/tonne to the low-$1,200/tonne CFR NE Asia levels for June arrival.

PROPYLENE: $1,320-1,340/tonne CFR NE Asia, stable
No CFR NE Asia deals were heard in the morning but a regional producer had sold three lots at $1,270/tonne FOB Korea during the week for end-June/early July loading.


By: Staff Reporter
+44 20 8652 3214



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