SINGAPORE (ICIS)--Here is Tuesday’s midday Asia oil and chemical markets summary.
CRUDE: Sept WTI $96.77/bbl, up 36 cents/bbl; Oct BRENT $101.80/bbl, up 20 cents/bbl
Crude futures edged higher as buyers re-entered the market after prices fell markedly in the previous session amid easing geopolitical tensions and increased Libyan supplies.
NAPHTHA: $879.50-881.50/tonne CFR Japan, down $5.50/tonne
Open-spec first-half October naphtha weakened following overnight falls in crude.
BENZENE: $1,303-1,320/tonne FOB Korea, down $12-13/tonne
Prices were weighed down by hefty overnight declines in Europe and US markets. Towards mid-day, November bids started to pick up and headed to $1,285/tonne FOB Korea from $1,280/tonne FOB Korea, while October discussion levels recovered to $1,300-1,303/tonne FOB Korea from the opening rate of $1,295-1,296/tonne FOB Korea.
TOLUENE: $1,140-1,150/tonne FOB Korea, down $9-11/tonne
Prices tracked the losses in the US and Europe markets overnight amid weak energy values. A November deal was reported in mid-morning, with offers hovering at $1,150-1,152/tonne FOB Korea, countered by bids at $1,145-1,149/tonne FOB Korea.
ETHYLENE: $1,545-1,555/tonne CFR NE Asia, stable
Buying ideas were mostly at below $1,550/tonne CFR NE Asia for September arrival, against selling ideas in the mid-high $1,500s/tonne CFR NE Asia.
PROPYLENE: $1,390-1,410/tonne CFR NE Asia, stable
A first-half September arrival cargo was sold into a non-main port in China at $1,400/tonne CFR NE Asia on Monday.