NOON SNAPSHOT Asia Markets Summary

23 August 2013 05:00  [Source: ICIS news]

SINGAPORE (ICIS)--Here is Friday’s midday Asia oil and chemical markets summary.

CRUDE: Oct WTI $105.09/bbl, up 6 cents/bbl; Oct BRENT $110.20/bbl, up 30 cents/bbl
Crude futures strengthened, supported by upbeat data from the US,  China and the eurozone. Prices are also supported supply concerns amid unrest in Egypt and disruptions to exports from Libya.

NAPHTHA: $925.50-928.50/tonne CFR Japan, up $1/tonne at the high end
Open-spec first-half October prices rose at the upper end of the range amid higher crude futures.

BENZENE: $1,265-1,275/tonne FOB Korea, up $10/tonne
Offers and bids were limited in the morning session. An October cargo was discussed higher at $1,270-1,280/tonne FOB Korea, buoyed by overnight gains in the US and Europe markets, and firmer downstream styrene monomer (SM) numbers.

TOLUENE: $1,135-1,147/tonne FOB Korea, up $5-7/tonne                       
Discussion level rose in tandem with overnight gains in crude futures. November offers were at $1,149-1,150/tonne FOB Korea that were countered with bids at $1,140/tonne FOB Korea. October offers were at $1,147/tonne FOB Korea with no counter bid.

ETHYLENE: $1,230-1,270/tonne CFR NE Asia, stable
Traders continued to target sales at $1,270-1,300/tonne CFR NE Asia for September deliveries versus sporadic buying interest at around $1,250/tonne CFR China. Majority of buying ideas remain below $1,250/tonne CFR NE Asia, with buyers staying on the sidelines.

PROPYLENE: $1,435-1,460/tonne CFR NE Asia, steady
A first-half October loading cargo was heard sold at $1,450/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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