EVENING SNAPSHOT Asia Markets Summary

22 April 2014 11:00  [Source: ICIS news]

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

CRUDE: May WTI $103.96/bbl, down 41 cents/bbl; Jun BRENT $109.28/bbl, down 67 cents/bbl
Forecasts that upcoming weekly US inventory data will reveal a build in crude stocks weighed on prices. However, worries over geopolitical tensions between Russia and Ukraine continued to underpin prices.

NAPHTHA: $961.50-963.50/tonne CFR Japan, up $3.25-4.25/tonne
Open-spec first-half June naphtha made further gains in afternoon trade notwithstanding lower Brent crude futures, as Vitol sold a second-half June cargo to Shell at $953/tonne.

BENZENE: $1,260-1,278/tonne FOB Korea, down $5/tonne at the low end, up $3/tonne at the high end
Two June-July swaps were traded at a backwardation of $20-21/tonne FOB Korea. Second-half May bids were at $1,265/tonne FOB Korea.

TOLUENE: $1,063-1,072/tonne FOB Korea, up $3/tonne at the low end, down $6/tonne at the high end
A June cargo was sold by a South Korean producer at $1,077/tonne FOB Korea in early afternoon trade. After which, June offers slipped to $1,072/tonne FOB Korea, while second-half May offers were at $1,070/tonne FOB Korea.

ETHYLENE: $1,425-1,440/tonne CFR NE Asia, stable
Selling ideas at above $1,450/tonne CFR NE Asia for May arrival cargoes were countered by buying ideas largely at $1,420/tonne CFR NE Asia and below.

PROPYLENE: $1,425-1,435/tonne CFR NE Asia, steady
A 5,000-tonne non-dutiable cargo was heard sold at $1,450/tonne CFR NE Asia for mid- to second-half May arrival. For dutiable shipments, buying ideas were capped at $1,420-1,430/tonne CFR NE Asia, against selling ideas at $1,440/tonne CFR NE Asia and higher.

By: Staff Reporter
+44 20 8652 3214

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