NOON SNAPSHOT Asia Markets Summary

30 January 2014 04:00  [Source: ICIS news]

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

CRUDE: Mar WTI $97.56/bbl, up 20 cents/bbl; Mar BRENT $107.93/bbl, up 8 cents/bbl
Crude futures edged higher, supported by a larger-than-expected fall in US distillate stocks as winter weather in the US led to a sharp increase in US distillate demand.

NAPHTHA: $942.00-945.00/tonne CFR Japan, up $3.25-4.25/tonne
Open-spec naphtha prices for first-half March inched up amid modest overnight gains in Brent crude futures.

BENZENE: $1,305-1,322/tonne FOB Korea, down $14-15/tonne
Offer-bid levels opened lower, undermined by softer overnight US market. March bids were at $1,285-1,305/tonne FOB Korea, countered with offers at $1,317-1,320/tonne FOB Korea. For April loading, offers were at $1,299-1,303/tonne FOB Korea, against bids at $1,280-1,288/tonne FOB Korea.

TOLUENE: $1,083-1,095/tonne FOB Korea, down $7-15/tonne
March offers fell to $1,093-1,100/tonne FOB Korea, countered with bids at $1,086-1,090/tonne FOB Korea. April bids were at $1,088-1,100/tonne FOB Korea with no firm offers.

ETHYLENE: $1,480-1,500/tonne CFR NE Asia, stable
Buy-sell indications in northeast Asia were notionally unchanged at $1,450/tonne to above $1,500/tonne CFR NE Asia. Buyers in southeast Asia plan to delay their discussions for end-February and early-March delivery cargoes till after the Lunar New Year holiday, when there is a clearer price direction from the key Chinese market.

PROPYLENE: $1,465-1,475/tonne CFR NE Asia, unchanged
Prices were stable in quiet trade as participants in several northeast Asian markets have already started their Lunar New Year holiday. Buying ideas were notionally unchanged at $1,460-1,470/tonne CFR NE Asia.

By: Staff Reporter
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