NOON SNAPSHOT Asia Markets Summary

03 July 2013 05:00  [Source: ICIS news]

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

CRUDE: Aug WTI $101.98/bbl, up $2.38/bbl; Aug BRENT $105.28/bbl, up $1.28/bbl
Crude futures rose sharply in early Asian trade amid lingering concerns about the civil unrest in Libya and Egypt. Prices were also buoyed by data from the American Petroleum Institute that showed a fall in US crude inventories in the week through to 28 June.

NAPHTHA:  $878.50-881.50/tonne CFR Japan, up $13-14/tonne
Open-spec second-half August prices rose sharply in tandem with overall crude gains.

BENZENE: $1,185-1,193/tonne FOB Korea, down $2-5/tonne
Discussions were sporadic in the morning session, with a large offer-bid gap. Offer levels increased on the back of sharp crude gains. Bids were at $1,180-1,187/tonne FOB Korea for September loading, while offers were at $1,195-1,200/tonne FOB Korea. Separately, a first-half August bid was at $1,180/tonne FOB Korea with no counter offer. Subsequently, the offer-bid gap for September parcels narrowed to $1,190-1,193/tonne FOB Korea.

TOLUENE: $1,050-1,063/tonne FOB Korea, up $4/tonne at the high end
Offers edged higher in the morning session to $1,054/tonne FOB Korea for first-half August loading and $1,063-1,065/tonne FOB Korea for September parcels. Bids for any August cargoes were at $1,052-1,055/tonne FOB Korea, while for September lots, bids were at $1,055/tonne FOB Korea.

ETHYLENE: $1,260-1,280/tonne CFR NE Asia, stable
No CFR NE Asia deals were heard, while a 2,000 tonne cargo of Malaysia origin was heard sold to a trader on a floating basis for July arrival.

PROPYLENE: $1,420-1,430/tonne CFR NE Asia, down $5/tonne at the high end
A regional spot cargo was heard sold to an end-user at around $1,430/tonne CFR NE Asia for first-half August arrival.

By: Staff Reporter
+44 20 8652 3214

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