12 August 2013 05:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Monday’s midday Asia oil and chemical markets summary.
CRUDE: Sept WTI $106.28/bbl, up 31 cents/bbl; Sept BRENT Sep $108.21/bbl, down 1 cent/bbl
US crude futures edged higher in the morning session, following on from gains made in the previous session. US crude values remained supported by strong demand from China and supply concerns. However, upward pressure on Brent prices was offset by resumption of export’s from Libya’s largest oil terminal over the weekend.
NAPHTHA: $899.50-902.50/tonne CFR Japan, down 50 cents-$1.50/tonne
Open-spec second-half September prices were softer in tandem with Brent crude.
BENZENE: $1,238-1,240/tonne FOB Korea, up $5-8/tonne
Offer-bid gap opened wider and higher from previous week's close for October loading at $1,230-1,260/tonne FOB Korea, but narrowed to $1,236-1,241/tonne FOB Korea, with a deal concluded at $1,238/tonne FOB Korea. Subsequently, bids for October loading were quoted higher at $1,238/tonne FOB Korea, with an offer at $1,245/tonne FOB Korea.
TOLUENE: $1,120-1,135/tonne FOB Korea, up $5/tonne at the high end
October was discussed at $1,130-1,140/tonne FOB Korea, while November was negotiated at $1,130-1,142/tonne FOB Korea. A bid for second-half September loading was quoted at $1,115/tonne FOB Korea, with no counter offer. Intermonth swap between October and November was bid at a contango of $3/tonne amid keen sellers.
ETHYLENE: $1,220-1,250/tonne CFR NE Asia, stable
Traders are targeting sales at $1,250/tonne CFR NE Asia and above for September deliveries, but buying enquiries have yet to surface.
PROPYLENE: $1,420-1,435/tonne CFR NE Asia, stable
Prices were notionally unchanged in subdued trade. Buying ideas were at $1,420-1430/tonne CFR NE Asia versus selling indications at $1,440-1,450/tonne CFR NE Asia.
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