21 May 2013 05:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Tuesday’s midday Asia oil and chemical markets summary.
CRUDE: June WTI $96.65/bbl, down 6 cents/bbl; July BRENT $104.82/bbl, up 2 cents/bbl
Crude futures were little changed from the previous session’s close, ahead of the release of weekly US inventory data, which are expected to reveal a drawdown in crude stocks but increases in distillate and gasoline inventories.
NAPHTHA: $878.25-881.25/tonne CFR Japan, up $3.50-4.50/tonne
Open-spec first-half July prices rose in morning trading on the back of overnight gains in crude futures.
BENZENE: $1,295-1,302/tonne FOB Korea, up $5/tonne
Offers for July cargoes gained over the morning session to $1,295/tonne FOB Korea from $1,290/tonne FOB Korea, in absence of sellers. The intermonth spread between July and August were discussed at a backwardation of $5-9/tonne on FOB Korea basis, but the seller withdrew by midday.
TOLUENE: $1,135-1,145/tonne FOB Korea, up $2/tonne at the high end
Sellers were largely sidelined in the morning session, except an offer quoted for second-half June loading at $1,150/tonne FOB Korea and for August cargoes at $1,160/tonne FOB Korea. Bids for second-half June lots were at $1,120/tonne FOB Korea and at $1,143/tonne FOB Korea for July lots.
ETHYLENE: $1,180-1,230/tonne CFR NE Asia, stable
Selling ideas for regional cargoes were heard in the low- to mid-$1,200/tonne CFR NE Asia levels, while some end-users still maintained buying interest at below $1,200/tonne CFR NE Asia.
PROPYLENE: $1,330-1,340/tonne CFR NE Asia, unchanged
No CFR NE Asia deals were heard, while discussions to sell early July loading cargoes from South Korea were underway. Offers at around $1,270/tonne FOB Korea were met with sporadic interest at $1,260/tonne FOB Korea.
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