10 July 2013 05:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Wednesday’s midday Asia oil and chemical markets summary.
CRUDE: Aug WTI $104.29/bbl, up 76 cents/bbl; Aug BRENT $107.79/bbl, down 2 cents/bbl
US WTI crude futures strengthened on Asian morning trade after industry data revealed a much larger-than-expected fall in US crude stocks. Upside pressure was capped by concerns over lower Chinese crude imports.
NAPHTHA: $903.00-906.00/tonne/tonne CFR Japan, up $4.50-5.50/tonne
Open-spec second-half August prices rose on the back of overnight gains in crude futures.
BENZENE: $1,218-1,222/tonne FOB Korea, up $13-14/tonne
Offers and bids were limited in the morning session, with sporadic discussions at higher than the previous day's level, buoyed by crude, higher US benzene and firmer downstream SM. Bids for September loading gained from $1,205/tonne FOB Korea to $1,220/tonne FOB Korea by midday, while offers were quoted earlier at $1,223-1,225/tonne FOB Korea.
TOLUENE: $1,070-1,075/tonne FOB Korea, up $15-20/tonne
Discussion levels surged in line with higher benzene prices. Bids for August-loading rose to $1,070/tonne FOB Korea from $1,060/tonne FOB Korea, but sellers largely stayed out of the market. For September lots, bids were at $1,065-1,075/tonne FOB Korea, which were countered by offers at $1,085/tonne FOB Korea.
ETHYLENE: $1,260-1,300/tonne CFR NE Asia, steady
There remained little interest in selling indications at above $1,300/tonne CFR NE Asia. No deals were located.
PROPYLENE: $1,405-1,420/tonne CFR NE Asia, stable
Discussions were heard on a floating basis for mid- to second-half August arrival into China, while buying interest was mostly heard at close to $1,400/tonne CFR NE Asia.
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