EVENING SNAPSHOT Asia Markets Summary

08 April 2014 11:00 Source:ICIS News
SINGAPORE (ICIS)--Here is Tuesday's end-of-day Asia oil and chemical market summary from ICIS.

CRUDE
: May WTI $101.29/bbl, up $0.85/bbl; May BRENT $106.44/bbl up $0.62/bbl
Crude futures strengthened on Tuesday afternoon amid concerns over an internal power struggle in Ukraine between the government and pro-Russian factions. However, upside pressure was tempered by forecasts of increases in US crude stocks.

NAPHTHA
:  $939.25-941.25/tonne CFR Japan, up $6.75-5.75/tonne
Open-spec second-half May prices was assessed higher on Tuesday afternoon, buoyed by gains in crude, firmer naphtha crack values and deals done. Glencore sold a 25,000 tonne first half June open spec naphtha cargo to Shell at $931.50/tonne CFR Japan. Vitol sold another 25,000 tonne first half June open spec naphtha cargo to Itochu at $931.00/tonne CFR Japan. Noble also sold a second half May / second half June spread at to Shell at $17.00/tonne.

TOLUENE
: $1,070-1,086/tonne FOB Korea, down $4/tonne at the high end
Two June cargoes were booked at $1,085/tonne FOB Korea in the afternoon session, while a third June deal heard done at $1,086/tonne FOB Korea. May negotiations were at  $1,070-1,075/tonne FOB Korea.

BENZENE
: $1,285-1,290/tonne FOB Korea, down $5-7/tonne
Market softened in the afternoon, with a June cargo booked at $1,265/tonne FOB Korea at noon. There were several June-July swap deals concluded at a backwardation of $16-18/tonne as well. Several unconfirmed deals were heard at $1,260/tonne FOB Korea for June and for June-July swaps at a backwardation of $17/tonne.

PROPYLENE
: $1,380-1,400/tonne CFR NE Asia, up by $10/tonne
Spot offers were heard at $1,400-1,405/tonne CFR NE Asia while most buying ideas at $1,375-1,380/tonne CFR NE Asia.

ETHYLENE
: $1,420-1,440/tonne CFR NE Asia, stable
Trades were hindered by a buy-sell spread with selling ideas for any May cargoes cited at near or above the mid-$1,400s/tonne CFR NE Asia versus bids at around $1,400/tonne CFR NE Asia or lower.
By Staff Reporter