NOON SNAPSHOT Asia Markets Summary

10 June 2014 05:00 Source:ICIS News

SINGAPORE (ICIS)--Here is Tuesday's midday Asia oil and chemical markets summary.

CRUDE: Jul WTI: $104.70/bbl, up 29 cents; Jul BRENT: $110.23/bbl, up 24 cents
Crude oil prices rose in early Asian trade amid speculation that US crude stockpiles dipped for a second week running in the US.

NAPHTHA: $959.75-962.75/tonne CFR Japan, up $5.75-6.75/tonne
Open-spec second-half July naphtha rose on midday session, helped by firmer crude futures.

BENZENE: $1,305-1,315/tonne FOB Korea, up $3-4/tonne FOB Korea
Both July and August discussions gained in the morning session from the previous day, on the back of buoyant overnight US market. However, discussions were generally thin. July bids were at $1,300-1,305/tonne FOB Korea, that were countered with offers at $1,315-1,320/tonne FOB Korea. For August loading, offers were at $1,285/tonne FOB Korea, against bids at $1,275/tonne FOB Korea. A bid for July-August swap was quoted at $27/tonne amid no offers.

TOLUENE: $1,080-1,105/tonne FOB Korea, stable
The market was thinly negotiated in the morning session amid stable-to-firm Chinese domestic market. August bids were at $1,100-1,101/tonne FOB Korea, that were countered with offers at $1,105/tonne FOB Korea. For July loading, offers were at $1,095/tonne FOB Korea against bids at $1,085/tonne FOB Korea.

ETHYLENE: $1,440-1,450/tonne CFR NE Asia, stable
Sellers sought prices above $1,450/tonne CFR NE Asia for July arrival cargoes but such levels were not workable for end-users in most downstream sectors.

PROPYLENE: $1,400-1,415/tonne CFR NE Asia, stable
Buy-sell ideas were unchanged at $1,400-1,420/tonne CFR CMP for July arrival cargoes.

By Staff Reporter