EVENING SNAPSHOT Asia Markets Summary

29 July 2013 11:00  [Source: ICIS news]

SINGAPORE (ICIS)--Here is Monday’s end-of-day Asia oil and chemical markets summary.

CRUDE: Sept WTI $104.60/bbl, down 10 cents/bbl; Sept BRENT $107.39/bbl, up 22 cents/bbl
Crude futures firmed up in the afternoon from levels recorded in the morning. Prices were buoyed by a softer US dollar and supply disruptions. However, upside pressure was offset by concerns over demand from China following recent weak economic data.

NAPHTHA: $893.25-895.25/tonne CFR Japan, down $6.25-7.25/tonne
Open-spec first-half September prices reversed gains in afternoon trading on the back of renewed concerns over rising supply.

BENZENE: $1,227-1,230/tonne FOB Korea, up $7/tonne at the low end, down $5/tonne at the high end
The intermonth spread between September and October was discussed at a backwardation of $3-7/tonne on FOB Korea. For October loading, discussions were at $1,220-1,225/tonne FOB Korea.

TOLUENE: $1,110-1,125/tonne FOB Korea, up $8/tonne at the high end
A deal was closed at $1,117/tonne FOB Korea for October loading. Bids for October loading were subsequently quoted at $1,117/tonne FOB Korea, while no sellers emerged. For September cargoes, offers were at $1,125/tonne FOB Korea – countered with bids at $1,117/tonne FOB Korea. Two September lots were then concluded at $1,124-1,125/tonne FOB Korea.

ETHYLENE: $1,230-1,250/tonne CFR NE Asia, steady
Selling ideas for northeast Asia origin are mentioned at a firmer $1,250/tonne FOB Korea, or equivalent to around $1,320/tonne CFR NE Asia, in consideration of prevailing feedstock costs. Discussions however, were mainly on a floating basis.

PROPYLENE: $1,390-1,400/tonne CFR NE Asia, stable
A 1,500-tonne shipment for first-half September delivery was sold at $1,397/tonne CFR China Main Port.

By: Staff Reporter
+44 20 8652 3214

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