SINGAPORE (ICIS)--Here is Wednesday’s midday Asia oil and chemical markets summary.
CRUDE: Sept WTI $101.08/bbl, up 11 cents/bbl; Sept BRENT $107.50/bbl, down 22 cents/bbl
US crude futures regained some of the ground lost in the previous session, after industry data revealed a much larger-than-expected fall in US crude stocks. Brent crude futures softened, giving back gains made in the previous session.
NAPHTHA: $963.50-966.50/tonne CFR Japan, down $1.50-2.50/tonne
Open-spec first-half September naphtha eased on dips in crude futures.
BENZENE: $1,353-1,372/tonne FOB Korea, down $2-4/tonne
Prices fell in line with overnight decline in the US benzene market. September offers were at $1,360/tonne FOB Korea, against bids at $1,345-1,353/tonne FOB Korea.
TOLUENE: $1,167-1,180/tonne FOB Korea, down $5-8/tonne
September and October offers declined, tracking softer prices in the Chinese domestic market because of poor buying interest. September offers were at $1,175-1,177/tonne FOB Korea, against bids at $1,167/tonne FOB Korea.
ETHYLENE: $1,550-1,570/tonne CFR NE Asia, flat
Buying ideas were capped in the high-$1,400/tonne CFR SE Asia levels for August/early September-delivery cargoes, against selling ideas at close to $1,500/tonne CFR SE Asia. Buy-sell discussions in northeast Asia continued to be in the mid-$1,500/tonne levels to slightly above $1,600/tonne CFR NE Asia.
PROPYLENE: $1,465-1,475/tonne CFR NE Asia, stable
Spot demand in Taiwan was subdued following the restart of a domestic producer’s propylene unit earlier this week. Buying ideas were capped at 1,450-1,470/tonne CFR NE Asia.