EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: June WTI $96.50/bbl, down 21 cents/bbl; July BRENT $104.30/bbl, down 50 cents/bbl
Crude futures softened in Asian afternoon trade, undermined by a firmer US dollar and ahead of the release of weekly US inventory data that is expected to reveal a drawdown in crude stocks but increases in distillate and gasoline inventories.

NAPHTHA: $881-883/tonne CFR Japan, up $1.75-2.75/tonne
Open-spec first-half July prices edged higher in afternoon trading after the second-half July contract changed hands at $877/tonne. But lower crude futures put a lid to price gains.

BENZENE: $1,300-1,310/tonne FOB Korea, up $5-8/tonne
An August lot was closed earlier in the day at $1,295/tonne FOB Korea, with the intermonth spread between July and August at a backwardation of $8/tonne on an FOB Korea basis.

TOLUENE: $1,135-1,155/tonne FOB Korea, up $10/tonne at the high end
An August cargo was settled at $1,155/tonne FOB Korea. Subsequently, discussions hovered at $1,150-1,155/tonne FOB Korea.

ETHYLENE: $1,180-1,230/tonne CFR NE Asia, stable
No CFR NE Asia deals were heard,  while there was talk of a 3,000-5,000-tonne spot cargo from southeast Asia, available for sale loading around mid-June.

PROPYLENE: $1,330-1,340/tonne CFR NE Asia, unchanged
Selling ideas at $1,350/tonne CFR NE Asia were still met with buying ideas at the low-$1,300/tonne CFR NE Asia levels.

By: Staff Reporter
+44 20 8652 3214

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