SINGAPORE (ICIS)--Here is Thursday’s midday Asia oil and chemical markets summary.
CRUDE: Sept WTI $103.10/bbl, down 2 cents/bbl; Sept BRENT $108.10/bbl, up 7 cents/bbl
Brent crude for September rose in early Asian trade amid lingering concerns over geopolitical concerns in the Middle East and eastern Europe. NYMEX WTI was trading a few cents lower, but is supported by weekly supply statistics from the US Energy Information Administration (EIA) that showed a much bigger-than-expected drawdown in crude stocks.
NAPHTHA: $979.00-982.00/tonne CFR Japan, up $6.50-7.50/tonne
Open-spec first-half September naphtha rose on overnight gains in crude futures.
BENZENE: $1,370-1,398/tonne FOB Korea, down $12-17/tonne
Prices softened tracking overnight losses in the US benzene markets. Offers for September loading fell to $1,378/tonne FOB Korea from $1,390/tonne FOB Korea, against bids at $1,360-1,370/tonne FOB Korea.
TOLUENE: $1,187-1,201/tonne FOB Korea, down $13-16/tonne
October bids fell to $1,175/tonne FOB Korea from $1,179/tonne FOB Korea, while October offers fell to $1,178/tonne FOB Korea from $1,185/tonne FOB Korea. An October fixture was concluded at $1,175/tonne FOB Korea.
ETHYLENE: $1,550-1,570/tonne CFR NE Asia, stable
Sellers sought $1,600/tonne CFR NE Asia for August-arrival cargoes, while buying ideas were largely capped in the mid-$1,500/tonne CFR NE Asia levels.
PROPYLENE: $1,470-1,485/tonne CFR NE Asia, flat
Selling ideas were at $1,485-1,490/tonne CFR NE Asia or higher for second-half August arrival cargoes, against buying ideas at $1,460-1,475/tonne CFR NE Asia.