EVENING SNAPSHOT: Asia Markets Summary

26 August 2013 11:00  [Source: ICIS news]

SINGAPORE (ICIS)--Here is Monday’s end-of-day Asia oil and chemical market summary from ICIS.

CRUDE: Oct WTI $106.40/bbl, down 2 cents/bbl; Oct BRENT $110.80/bbl, down 24 cents/bbl
Crude futures gave back gains made earlier in the day with ICE Brent futures falling below the previous session close amid a firmer US dollar. WTI prices were supported by a recent surge in domestic gasoline prices. Downside pressure on crude prices was also limited by heightened Middle East tensions following the possible use of chemicals weapons in Syria.

NAPHTHA: $943-945/tonne CFR Japan, down 75 cents-$1.75/tonne
Open-spec first-half October prices retreated from earlier gains in line with a drop in energy values.

BENZENE: $1,270-1,275/tonne FOB Korea, down $5/tonne high end
Persistent offer-bid gap continued to hamper trades. October discussions narrowed to $1,272-1,277/tonne FOB Korea from $1,265-1,283/tonne FOB Korea. November offers fell to $1,275/tonne FOB Korea from $1,283/tonne FOB Korea, against earlier bids at $1,272-1,273/tonne FOB Korea. 

TOLUENE: $1,135-1,145/tonne FOB Korea, stable
Bids for second-half September loading cargoes were at $1,130/tonne FOB Korea, with no counter offer. Cargo offers for October, November and December were at $1,145/tonne FOB Korea, with a November bid at $1,140/tonne FOB Korea.

ETHYLENE: $1,250-1,290/tonne CFR NE Asia, stable
Buyers were largely on the sidelines following the start-up of new crackers in China and Taiwan earlier this month, which limited appetite for spot material. No deals were heard.

PROPYLENE: $1,435-1,465/tonne CFR NE Asia, up $5/tonne high end
A Japanese producer bought a second-half September shipment at $1,465/tonne CFR CMP.

By: Staff Reporter
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