NOON SNAPSHOT: Asia Markets Summary

05 September 2013 05:00  [Source: ICIS news]

SINGAPORE (ICIS)--Here is Thursday’s midday Asia oil and chemical market summary from ICIS.

CRUDE: Oct WTI $107.46/bbl, up 23 cents/bbl; Oct BRENT $115.17/bbl, up 26 cents/bbl
Crude futures firmed on Thursday morning in Asia, supported by upbeat US economic data and a fall in US oil inventories. Further support continued to be generated by worries of possible US military strikes against Syria.

NAPHTHA: $964.50-967.50/tonne CFR Japan, down $4-5/tonne
Open-spec second-half October prices drifted lower on overnight weaker crude futures.

BENZENE: $1,304-1,310/tonne FOB Korea, down $7-10/tonne
Discussion levels opened with a firm note, on the back of buoyant overnight US market. October offer was quoted at $1,310/tonne FOB Korea amid no keen buyers. November offers declined over the morning session to $1,305-1,310/tonne FOB Korea from $1,325-1,330/tonne FOB Korea, while bids hovered at $1,300-1,305/tonne FOB Korea. The intermonth spread between October and November was discussed at a backwardation of $1-3/tonne.

TOLUENE: $1,138-1,146/tonne FOB Korea, up $1/tonne high end
October discussions were at $1,140-1,146/tonne FOB Korea, while November discussions were at $1,145-1,150/tonne FOB Korea. Subsequently, November negotiations narrowed to $1,148-1,150/tonne FOB Korea but no deal was heard. The intermonth spread between October and November was offered at a contango of $3/tonne, with no counter bid.

ETHYLENE: $1,260-1,280/tonne CFR NE Asia, steady
Buyers were mostly covered for September and no deals were heard. Selling ideas at around $1,300/tonne CFR NE Asia generally failed to attract interest.

PROPYLENE: $1,450-1,490/tonne CFR NE Asia, stable
An offer at $1,470/tonne CFR CMP for first-half October delivery was countered by buying ideas at $1,450-1,460/tonne CFR CMP.

By: Staff Reporter
+44 20 8652 3214

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