02 August 2013 05:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Friday’s midday Asia oil and chemical markets summary.
CRUDE: Sept WTI $108.58/bbl, up 69 cents/bbl; Sept BRENT $109.99/bbl, up 45 cents/bbl
Crude futures gained further ground following substantial increases in the previous session. Prices were supported by recent upbeat economic data from China and the US, as well as supply disruptions in Iraq, Libya and Nigeria.
NAPHTHA: $905.50-908.50/tonne CFR Japan, up $11.50-12.50/tonne
Open-spec second-half September prices rose in morning trading, tracking overnight gains in crude futures.
BENZENE: $1,240-1,245/tonne FOB Korea, up $5/tonne
Discussions were limited in the morning session, with sporadic offers quoted higher from the previous day's level, buoyed by overnight gains in the US and Europe. An offer for October loading was at $1,245/tonne FOB Korea amid no selling interest. For November lots, offers were at $1,240/tonne FOB Korea, against bids at $1,225/tonne FOB Korea.
TOLUENE: $1,145-1,162/tonne FOB Korea, up $5-12/tonne
Market opened with higher offers and bids, but wide gap hampered trades. Offers for September loading were at $1,160-1,165/tonne FOB Korea that were countered with bids at $1,150/tonne FOB Korea. Bids for October lots were at $1,145-1,151/tonne FOB Korea, with offers at $1,160/tonne FOB Korea.
ETHYLENE: $1,230-1,250/tonne CFR NE Asia, stable
Selling indications were mostly unchanged at above $1,250/tonne CFR NE Asia for second-half August arrival, but some buyers preferred to discuss on a floating basis due to uncertainty over the market outlook.
PROPYLENE: $1,395-1,405/tonne CFR NE Asia, flat
Selling indications at $1,410-1420/tonne CFR China Main Port (CMP) for first-half September shipments were countered by buying ideas at $1,395-1,400/tonne CFR CMP.
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