NOON SNAPSHOT- Asia Markets Summary

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

SINGAPORE (ICIS)--Here is Tuesday’s midday Asia oil and chemical market summary from ICIS.

CRUDE: WTI Sep $104.28/bbl, down $0.27/bbl; BRENT Sep $107.32/bbl, down $0.13/bbl
Crude futures edged lower on Tuesday morning, undermined by a firmer US dollar and demand worries generated by recent weak economic data from the US and Japan.

NAPHTHA: $898.25-901.25/tonne CFR Japan, up $5-6/tonne
Open-spec first-half September prices rose on modest overnight gains in Brent crude futures.

BENZENE: $1,226-1,228/tonne FOB Korea, down $1-2/tonne
The market opened at a lower and wider range for September loading at $1,200-1,230/tonne FOB Korea. Following that, bids were at $1,221/tonne FOB Korea, with no counter bids. Discussions for October cargoes were at $1,217-1,220/tonne FOB Korea, with a deal reported at $1,220/tonne FOB Korea. Subsequently, discussions edged higher to $1,221-1,222/tonne FOB Korea, but no fixtures were heard.

TOLUENE: $1,120-1,130/tonne, FOB Korea, up $5-10/tonne
The market opened with bids for both September and October loading at $1,117/tonne FOB Korea. Subsequently, bids for September loading gained to $1,120/tonne FOB Korea, with offers at $1,130/tonne FOB Korea. For October, bids were higher at $1,123-1,125/tonne FOB Korea, while offers were at $1,128/tonne FOB Korea. Higher bid levels was supported by the halt of price decline in the China domestic market. October remained the most discussed month, while players were more cautious in trading September loading. Offers for intermonth spread between September and October was at a backwardation of $3/tonne.

ETHYLENE:$1,230-1,250/tonne CFR NE Asia, stable
Selling indications are mainly at $1,250/tonne FOB Korea/Taiwan but buying interest remained subdued with market players adopting a wait and see stance for possible spot cargo availability from southeast Asia and the Middle East.

PROPYLENE: $1,390-1,400/tonne CFR NE Asia, stable
Selling indications at $1,410/tonne CFR China Main Port (CMP) for first-half September arrival were not workable for several Chinese buyers who have capped their price ideas at $1,380-1,385/tonne CFR CMP.

By: Staff Reporter
+44 20 8652 3214

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