SINGAPORE (ICIS)--Here is Wednesday’s midday Asia oil and chemical markets summary.
CRUDE: Apr WTI $101.79 /bbl, down 4 cents/bbl; Apr BRENT $109.49/bbl, down 2 cents/bbl
Crude futures were trading a few cents lower. US industry data revealed a smaller than expected build in domestic crude stocks, but this was offset by a lower than forecast fall in distillate and gasoline stocks.
NAPHTHA: $946.50-949.50/tonne CFR Japan, down $8.00-9.00/tonne
Open-spec first-half April prices declined owing to overnight crude losses.
BENZENE: $1,265-1,285/tonne FOB Korea, down $4-15/tonne
Discussions were sporadic given a wide offer-bid gap. Prices fell in line with the softer US market overnight. April offers were at $1,278/tonne FOB Korea against bids at $1,260-1,265/tonne FOB Korea.
TOLUENE: $1,055-1,068/tonne FOB Korea, down $5-7/tonne
A wide offer-bid gap hampered trades. Price negotiations declined amid falling prices in the key Chinese domestic market. April offers inched down to $1,068/tonne FOB Korea from $1,070/tonne FOB Korea, while April bids were at $1,055/tonne FOB Korea.
ETHYLENE: $1,470-1,490/tonne CFR NE Asia, stable
Sellers targeted prices at $1,500/tonne CFR NE Asia and higher for March delivery but there was limited interest from buyers.
PROPYLENE: $1,440-1,460/tonne CFR NE Asia, steady
Buying ideas were unchanged at $1,420-1,440/tonne CFR CMP for March delivery.