NOON SNAPSHOT Asia Markets Summary

28 June 2013 05:00  [Source: ICIS news]

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

CRUDE: Aug WTI $97.26/bbl, up 21 cents/bbl; Aug BRENT $103.05/bbl, up 23 cents/bbl
Crude futures firmed in Asian morning trade. Prices were buoyed by comments from the US Federal Reserve that if the US labour market and economic growth conditions were less favourable it would not cut back its monetary stimulus programme.

NAPHTHA: $858.50-861.50/tonne CFR Japan, up $4-5/tonne
Open-spec first-half August prices rose in morning trading on the back of overnight gains in global crude futures.

BENZENE: $1,195-1,210/tonne FOB Korea, up $15-20/tonne
Buoyant crude futures enabled Asia benzene prices to rebound. Bids for September and August parcels were cited higher at $1,200/tonne FOB Korea. A September deal emerged at $1,203/tonne FOB Korea.

TOLUENE: $1,041-1,055/tonne FOB Korea, up $15-16/tonne
Prices firmed in the morning, tracking gains in crude values. Discussions for August-loading lots were active, with first-half August-lifting lots offered at $1,055/tonne FOB Korea against bids at $1,043-1,046/tonne FOB Korea.

ETHYLENE: $1,250-1,280/tonne CFR NE Asia, stable
Buying ideas were largely unchanged at $1,250-1,260/tonne CFR NE Asia against selling ideas at close to $1,300/tonne CFR NE Asia.

PROPYLENE: $1,420-1,435/tonne CFR NE Asia, steady
Buyers continued to stay at the sidelines as they were reluctant to pay above $1,430/tonne CFR NE Asia, as prevailing high prices had taken a toll on derivative margins.

By: Staff Reporter
+44 20 8652 3214

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