EVENING SNAPSHOT Asia Markets Summary

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

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

CRUDE: Oct WTI $107.95/bbl, up 56 cents/bbl; Oct BRENT $112.37/bbl, up $1.56/bbl
Crude futures strengthened in afternoon trade, buoyed by a softer US dollar. Prices had fallen sharply in the previous session amid easing fears of an imminent military strike by the US against government forces in Syria.

NAPHTHA: $955-957/tonne CFR Japan, up $10-11/tonne
Prices recovered ground lost during the morning session, but were still slightly down on levels the previous day amid thin trade.

BENZENE: $1,303-1,313/tonne FOB Korea, up $3/tonne
November offers hovered at $1,309-1,318/tonne FOB Korea, while bids were at $1,303-1,310/tonne FOB Korea. December offers were at $1,313-1,315/tonne FOB Korea in the absence of buying interest. A bid was quoted for swap between second-half October and November at a contango of $4/tonne, with no counter offer.

TOLUENE: $1,155-1,168/tonne FOB Korea, up $5-8/tonne           
Discussion levels edged higher and wider, on the back of a rebound in crude futures in the afternoon session. October negotiations were at $1,155-1,159/tonne FOB Korea, while November offer-bid levels narrowed to $1,161-1,166/tonne FOB Korea from $1,158-1,170/tonne FOB Korea. An October deal was heard at $1,157/tonne FOB Korea, but this could not be confirmed.

ETHYLENE: $1,270-1,290/tonne CFR NE Asia, up $10/tonne
Selling indications were heard at around $1,300/tonne CFR NE Asia, with some discussions underway for first-half October arrival into China.

PROPYLENE: $1,470-1,490/tonne CFR NE Asia, stable
Bids from a few Chinese buyers fell to $1,450/tonne CFR CMP for second-half October delivery cargoes, but sellers were unwilling to consider such a price level. Selling ideas were at $1,480-1,485/tonne CFR CMP.

By: Staff Reporter
+44 20 8652 3214

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