EVENING SNAPSHOT Asia Markets Summary

19 June 2014 11:00 Source:ICIS News

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

CRUDE: Jul WTI $106.17/bbl, up 20 cents/bbl; Aug BRENT $114.28/bbl up 2 cents/bbl
Crude prices gave back most of the gains made earlier in the day. But prices remained supported by supply worries amid escalating violence in Iraq.

NAPHTHA: $985.00-987.00/tonne CFR Japan, down $0.50-$1.50/tonne
Open-spec first-half August naphtha edged lower in afternoon trade, following a deal at $981.00/tonne for the second-half August contract.

BENZENE: $1,338-1,360/tonne, up $3-5/tonne
August negotiations narrowed to $1,338-1,340/tonne FOB Korea but stayed supported on SM recovery. Second-half July bids were at $1,340-1,355/tonne FOB Korea, but countered with offers at $1,375/tonne FOB Korea.

TOLUENE: $1,145-1,152/tonne, stable
August discussion levels were fluctuating at $1,140-1,150/tonne FOB Korea over the entire afternoon session, but no fixtures were heard. August is notionally priced at a backwardation of $3-4/tonne to July.

ETHYLENE: $1,450-1,460/tonne CFR NE Asia, up $10/tonne at the low end
Strong feedstock naphtha costs led sellers to raise their price targets to $1,470-1,500/tonne CFR NE Asia for July arrival, while buying ideas were at $1,440-1,450/tonne CFR NE Asia or below.

PROPYLENE: $1,430-1,440/tonne CFR NE Asia, up $5/tonne at the high end
Buy-sell discussions were at $1,430-1,440/tonne CFR NE Asia for July-arrival cargoes.

By Staff Reporter