25 July 2013 05:10 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Thursday’s midday Asia oil and chemical markets summary.
CRUDE: Sept WTI $104.94/bbl, down 45 cents/bbl; Sept BRENT $106.88/bbl, down 31 cents/bbl
Crude futures weakened in the morning trade, after losing ground in the previous session. Prices eased amid concerns over the slowdown in the Chinese economy following release of weak manufacturing data.
NAPHTHA: $891.50-894.50/tonne CFR Japan, down $8.00-9.00/tonne
Open-spec first-half September prices fell in tandem with crude losses.
BENZENE: $1,245-1,250/tonne FOB Korea, up $5-12/tonne
A second-half August cargo was traded at $1,240/tonne FOB Korea. The intermonth spread between September and October was discussed at a backwardation of $3-10/tonne on an FOB Korea basis. September is still priced at parity to backwardation to second-half August.
TOLUENE: $1,130-1,145/tonne FOB Korea, up $5-8/tonne
September bids gained to $1,135/tonne FOB Korea over the morning session after opening at $1,131/tonne FOB Korea, with counter offer at $1,145/tonne FOB Korea. October cargoes were discussed at $1,130-1,140/tonne FOB Korea. September is still priced at contango to August.
ETHYLENE: $1,210-1,250/tonne CFR NE Asia, steady
Selling indications were heard at above $1,200/tonne FOB NE Asia, with discussions underway.
PROPYLENE: $1,385-1,400/tonne CFR NE Asia, up $5/tonne at the low end
Some buyers in China have increased their price ideas to $1,385-1,390/tonne CFR China for second-half August- or early September-arrival cargoes, versus offers at $1,395-1,400/tonne CFR China or higher for end-August/September cargoes. A 1,500-tonne parcel was traded on Wednesday at $1,393/tonne CFR China for delivery between end August and early September.
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