EVENING SNAPSHOT: Asia Markets Summary

02 September 2013 11:00  [Source: ICIS news]

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

CRUDE: WTI Oct $106.92/bbl, down $0.71/bbl; BRENT Oct $114.12/bbl, up $0.11/bbl
Crude futures regained ground lost earlier in the day on Monday afternoon in Asia amid a softer US dollar. Prices had eased earlier in the day amid expectations of delay any US military strike against Syria after US President Barack Obama said he would  seek congressional approval for military action. Upbeat Chinese manufacturing data provided further support. There will be no open outcry and no settlements on NYMEX expected on Monday because of the US Labor Day public holiday.

NAPHTHA: $958.50-960.50/tonne CFR Japan, up $12-13/tonne
Open-spec second-half October prices pared losses in afternoon trading in tandem with crude futures. The first-half November contract traded twice at $959/tonne, and at $960/tonne.

BENZENE: $1,263-1,273/tonne FOB Korea, up $3-5/tonne
November offers hovered at $1,273-1,275/tonne FOB Korea, against bids at $1,265-1,270/tonne FOB Korea. In late afternoon trade, discussions for November loading were at $1,270-1,275/tonne FOB Korea.

TOLUENE: $1,130-1,140/tonne FOB Korea, up $5/tonne at the low end
Offers were at $1,140-1,143/tonne FOB Korea for October loading, against bids at $1,135/tonne FOB Korea. November offers declined to $1,139/tonne FOB Korea, while bids gained to $1,136/tonne FOB Korea.

ETHYLENE: $1,260-1,280/tonne CFR NE Asia, stable
Selling indications are mentioned at $1,300/tonne CFR NE Asia amid limited supply, versus sporadic buying ideas at $1,250-1,265/tonne CFR NE Asia. The majority of buyers in China have, however, secured their September requirements and they are generally not in a buying position.

PROPYLENE: $1,450-1,480/tonne CFR NE Asia, stable
Sellers have maintained their price ideas at $1,465-1,485/tonne CFR NE Asia for first-half October delivery cargoes, citing tight supply. Buyers were more cautious following a drop in crude and naphtha prices. Buying ideas were generally below $1,450/tonne CFR CMP.

By: Staff Reporter
+44 20 8652 3214

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