07 March 2014 04:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Friday’s midday Asia oil and chemical markets summary.
CRUDE: Apr WTI $101.84/bbl, up 28 cents/bbl; Apr BRENT $108.45/bbl, up 35 cents/bbl
Crude futures prices were trading above the previous session amid a renewed heightening of geopolitical tensions following Russia’s recent occupation of the Crimea region of the Ukraine. Traders also await the release of further US economic data on Friday.
NAPHTHA: $931.25-934.25/tonne CFR Japan, up $3.50-4.50/tonne
Open-spec second-half April prices rose in tandem with crude futures.
BENZENE: $1,268-1,275/tonne FOB Korea, up $5-10/tonne
Discussions opened higher on the back of firmer overnight numbers in the US and Europe markets. A May deal was heard at $1,250/tonne FOB Korea, but this could not be confirmed.
TOLUENE: $1,067-1,080/tonne FOB Korea, down $6/tonne at the low end and up $5/tonne at the high end
The offer-bid gap widened, with sellers inclined to raise offers on overall gains in aromatics markets. A second-half March offer was quoted at $1,070/tonne FOB Korea. April negotiations were at $1,072-1,080/tonne FOB Korea.
ETHYLENE: $1,490-1,510/tonne CFR NE Asia, stable
A 3,000- to 3,500-tonne cargo was sold into China on formula basis, mid-April delivery.
PROPYLENE: $1,440-1,450/tonne CFR NE Asia, flat
Selling ideas were at $1,460/tonne CFR CMP for first-half to mid-April delivery cargoes, against buying ideas mainly at below $1,450/tonne CFR CMP.
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