EVENING SNAPSHOT - Asian Markets Summary

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

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

CRUDE: July WTI $95.47/bbl, down 71 cents/bbl; July BRENT $103.05/bbl, down 86 cents/bbl
Crude futures weakened in Asian afternoon trade, undermined by a firmer US dollar and demand worries in a well-supplied market. US oil industry data revealed an unexpected build in US crude stocks and a larger-than-forecast increase in gasoline inventories.

NAPHTHA: $863.50-865.50/tonne CFR Japan, down $10.50-11.50/tonne
Open-spec first-half July prices fell in tandem with crude futures. However, the backwardation widened to $11.50/tonne from $10.00/tonne on Tuesday. The second-half July contract was done at $858/tonne and at $877/tonne, while the second-half July/second-half August was traded at a backwardation of $10.50/tonne.

BENZENE: $1,300-1,310/tonne FOB Korea, down $2/tonne on the low end, up $2/tonne at the high end
Four deals on the intermonth spread between July and August were concluded at a backwardation of $10-12/tonne on FOB Korea basis. Offers for July loading were at $1,305/tonne FOB Korea against bids at $1,300/tonne FOB Korea.

TOLUENE: $1,135-1,155/tonne FOB Korea, stable
Offers for August loading were at $1,157-1,160/tonne FOB Korea, against bids at $1,149-1,152/tonne FOB Korea. For July lots, discussions were at $1,143-1,147/tonne FOB Korea.

ETHYLENE: $1,190-1,230/tonne CFR NE Asia, up $10/tonne at the low end
Selling indications were maintained at the low- to mid-$1,200/tonne CFR NE Asia levels, but buying ideas from some end-users were at below $1,200/tonne CFR NE Asia.

PROPYLENE: $1,330-1,350/tonne CFR NE Asia, up $10/tonne at the high end
A regional spot cargo changed hands at close to $1,340/tonne CFR China for June arrival. Selling ideas at or above $1,350/tonne CFR NE Asia were met with buying interest capped at $1,330-1,340/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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