EVENING SNAPSHOT Asia Markets Summary

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

SINGAPORE (ICIS)--Here is Tuesday’s end-of-day Asia oil and chemical markets summary.

CRUDE: Oct WTI $108.50/bbl, down $1.02/bbl; Oct BRENT $113.07/bbl, down 65 cents/bbl
Crude futures continued to trade below the previous session close on Tuesday afternoon. Downward pressure was driven by a stronger US dollar and easing concerns over a US military strike against Syrian government forces following a proposal by Russia to place Syria chemical weapons under international control. However, upbeat economic data from China served to limit downward pressure.

NAPHTHA: $957.00-959.00/tonne CFR Japan, up $4.50-5.50/tonne
Prices continued to be pressured by weaker crude values, but open-spec second-half October prices were buoyed by the  sale of a first half November cargo by Glencore to Itochu at $956.00/tonne CFR Japan, as well as by a second-half October/first half November spread sale by Glencore to Itochu.

BENZENE: $1,305-1,315/tonne FOB Korea, down $8/tonne at the low end
A November lot was booked at $1,310/tonne FOB Korea post open-market trading. November offers were at $1,316-1,318/tonne FOB Korea that were countered at $1,305-1,310/tonne FOB Korea.

TOLUENE: $1,155-1,162/tonne FOB Korea, down $2-13/tonne
An October deal was closed at $1,157/tonne FOB Korea, while a November fixture was settled at $1,160/tonne FOB Korea.

ETHYLENE: $1,260-1,280/tonne CFR NE Asia, steady
Market players stayed on the sidelines, awaiting the outcome of a sale tender for 9,000-12,000 tonnes of ethylene from the Middle East for loading in the second-half September. The results are expected to be known on 11 September, market sources said.

PROPYLENE: $1,470-1,490/tonne CFR NE Asia, stable
Two October shipments were heard traded on 9 September at $1,480-1,490/tonne CFR NE Asia. Subsequent bids from Chinese buyers were largely capped at $1,470-1,475/tonne CFR CMP, against offers at $1,490-1,500/tonne CFR CMP.

By: Staff Reporter
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