EVENING SNAPSHOT Asia Markets Summary

14 August 2014 11:00 Source:ICIS News

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

CRUDE: Sept WTI $97.35/bbl, down 24 cents/bbl; Sept BRENT $103.80/bbl, down 48 cents/bbl
Crude futures continued to trade lower, pressured by an unexpected rise in US crude inventories and increased US and OPEC production.

NAPHTHA: $901.00-903.00/tonne CFR Japan, down $7.50-8.50/tonne
Open-spec second-half September naphtha weakened amid weaker cracks spreads against ICE Brent and a well-supplied market. BP sold a 25,000-tonne first-half October open-spec naphtha cargo to Itochu at $902.00/tonne CFR Japan.

BENZENE: $1,345-1,360/tonne FOB Korea, up $5/tonne
October offers were at $1,334-1,340/tonne FOB Korea, against bids at $1,320-1,333/tonne FOB Korea. After 09:00 GMT, October offers fell to $1,332/tonne FOB Korea on soft crude market. First-half September offers were at $1,372-1,373/tonne FOB Korea.

TOLUENE: $1,165-1,175/tonne FOB Korea, up $7-10/tonne
Prices rebounded in the afternoon session, in view of declines in Chinese toluene inventory. An October deal was done at $1,175/tonne FOB Korea, while first-half September offers were at $1,165-1,170/tonne FOB Korea.

ETHYLENE: $1,550-1,570/tonne CFR NE Asia, stable
Buying ideas of importers in China were largely at below $1,550/tonne CFR NE Asia amid ample domestic supply and weak margins.

PROPYLENE: $1,385-1,410/tonne CFR NE Asia, unchanged
A Japanese producer sold a first-half September loading cargo at $1,408/tonne CFR CMP.  Another shipment for early-September arrival was sold into a non-main port at $1,400/tonne CFR NE Asia.

By Staff Reporter