24 July 2013 05:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Wednesday’s midday Asia oil and chemical markets summary.
CRUDE: Sept WTI $106.98/bbl, down 25 cents/bbl; Sept BRENT $108.17/bbl, down 25 cents/bbl
Crude futures softened in the morning trade amid a stronger US dollar. Crude had made modest gains overnight after industry data revealed declines in US crude stocks and unexpected falls in gasoline and distillate inventories.
NAPHTHA: $905.50-908.50/tonne, up $6-7/tonne
Open-spec first-half September prices rose on support from prospects of higher cracker runs in Taiwan.
BENZENE: $1,237-1,241/tonne FOB Korea, down $4/tonne at the high end
A deal was closed for the intermonth spread between September and October at a backwardation of $5/tonne. Offers for October loading recovered to $1,231/tonne FOB Korea close to midday, after falling to $1,229/tonne FOB Korea, while bids were at $1,225-1,227/tonne FOB Korea. A September cargo was booked at $1,229/tonne FOB Korea.
TOLUENE: $1,120-1,130/tonne FOB Korea, down $5-10/tonne
Offers for both September and October loading fell to $1,130/tonne FOB Korea from $1,135/tonne FOB Korea over the morning session, while bids were hovering at $1,120-1,125/tonne FOB Korea. An offer for spread between second-half August and September was quoted at a contango of $4/tonne, with no counter bid.
ETHYLENE: $1,210-1,250/tonne CFR NE Asia, stable
Discussions with Chinese buyers were scant as several end-users had no spot requirements for August. No deals were located.
PROPYLENE: $1,380-1,400/tonne CFR NE Asia, steady
Chinese buyers continued to target prices at below $1,390/tonne CFR China Main Port for second-half August and early September shipments, while selling ideas were at $1,390-1,410/tonne CFR China Main Port.
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