EVENING SNAPSHOT Asia Markets Summary

12 May 2014 11:00 Source:ICIS News

SINGAPORE (ICIS)--Here is Monday’s end-of-day Asia oil and chemical market summary from ICIS.

CRUDE: Jun WTI $100.26/bbl, up $0.27/bbl; Jun BRENT $108.39/bbl up $0.50/bbl
Crude prices strengthened on Monday afternoon buoyed by worries over the Ukraine crisis

NAPHTHA: $962-964/tonne CFR Japan, down $2.50-3.50/tonne
Open-spec second-half June naphtha extended losses in afternoon trade amid a lack of trades in the cash session.

BENZENE: $1,256-1,265/tonne FOB Korea, down $2-5/tonne
Prior to open market trading, second-half June discussions were at $1,256-1,260/tonne Fob Korea, while July is negotiated at $1,240-1,250/tonne FOB Korea. Subsequently, second-half June fell to $1,250-1,255/tonne FOB Korea, before the bids picked up once more to $1,256/tonne FOB Korea. For second-half June-July swap, discussions narrowed to a backwardation of $11-16/tonne.

TOLUENE: $1,053-1,065/tonne FOB Korea, down $3/tonne at the high end
July negotiations hovered largely unchanged from the morning session and narrowed to $1,063-1,065/tonne FOB Korea. Second-half June offers were quoted earlier at $1,064-1,065/tonne FOB Korea, against bids at $1,055/tonne FOB Korea. For second-half June-July swap, offers were at a contango of $3/tonne that were countered with bids at $8-10/tonne. A second-half May offer emerged late at $1,048/tonne FOB Korea attracting no buyers.

ETHYLENE: $1,440-1,450/tonne CFR NE Asia, stable
Selling ideas were heard in the mid-to-high $1,400s/tonne CFR NE Asia for June arrival cargoes, against some buying ideas capped at $1,400-1,430/tonne CFR NE Asia.

PROPYLENE: $1,415-1,425/tonne CFR NE Asia, down $5/tonne
A regional producer sold a first-half June arrival cargo at $1,420/tonne CFR CMP.

 

By Staff Reporter