22 August 2013 05:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Thursday’s midday Asia oil and chemical markets summary.
CRUDE: Oct WTI $103.56/bbl, down 29 cents/bbl; Oct BRENT $109.55/bbl, down 26 cents/bbl
Crude futures weakened in morning trade amid a stronger US dollar and following the release of minutes from the US Federal Reserve meeting which indicated tapering of monetary stimulus programme. Downside pressure was offset by upbeat Chinese manufacturing data and ongoing supply worries.
NAPHTHA: $928.00-930.00/tonne CFR Japan, up $5.50/tonne
Open-spec first-half October prices rose on the closure of the arbitrage window. This lent support to the Asian market which was already facing surplus from the west.
BENZENE: $1,255-1,262/tonne FOB Korea, down $1/tonne at the high end
Discussions were thin, with October cargoes negotiated at $1,255-1,262/tonne FOB Korea. Subsequently, discussions for November loading narrowed to $1,255-1,258/tonne FOB Korea towards midday from $1,245-1,260/tonne FOB Korea, with two November lots booked at $1,257-1,258/tonne FOB Korea.
TOLUENE: $1,125-1,135/tonne FOB Korea, up $3/tonne at the high end
Discussions for October loading edged up over the morning session to $1,130-1,140/tonne FOB Korea from $1,122-1,128/tonne FOB Korea. For November cargoes, negotiations also turned higher to $1,130-1,140/tonne FOB Korea from $1,128-1,138/tonne FOB Korea. Price quotes were tracking gains in the key China market, where downstream buyers started restocking on cargoes.
ETHYLENE: $1,230-1,270/tonne CFR NE Asia, up $10-20/tonne
Selling indications for September deliveries remain at $1,250-1,300/tonne CFR NE Asia and above, whereas sporadic bids were heard higher at around $1,250/tonne CFR China. Majority of other buyers capped buying ideas at below $1,250/tonne CFR NE Asia.
PROPYLENE: $1,435-1,460/tonne CFR NE Asia, stable
End-users in Taiwan and China have kept their price ideas at below $1,450/tonne CFR NE Asia for September shipments, against selling ideas at above $1,460/tonne CFR NE Asia. A deal was concluded on 21 August at 1,460/tonne CFR CMP for first-half September loading.
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