NOON SNAPSHOT Asia Markets Summary

27 January 2014 04:00 Source:ICIS News

SINGAPORE (ICIS)--Here is Monday’s midday Asia oil and chemical markets summary.

CRUDE: Mar WTI $96.70/bbl, up 6 cents/bbl; Mar BRENT $107.54/bbl, down 34 cents/bbl
Brent crude prices softened in the morning trade amid concerns over demand from China following the release of downbeat economic data from the world’s second largest oil consumer. However, downside was limited by a weaker US dollar and unrest in the MENA (Middle East and North Africa) region that enabled US crude to edge a few cents higher.

NAPHTHA: $959-962/tonne CFR Japan, up $1-2/tonne
Open-spec naphtha prices for first-half March rose on the back of firm propane prices, though falling crude prices capped the gains.

BENZENE: $1,325-1,340/tonne FOB Korea, down $10/tonne
March offers fell to $1,330/tonne FOB Korea from $1,335/tonne FOB Korea, while bids were at $1,325/tonne FOB Korea. April loading parcels were offered at $1,315/tonne FOB Korea against  bids at $1,305/tonne FOB Korea.

TOLUENE: $1,103-1,124/tonne FOB Korea, down $6-7/tonne
Discussions for February-lifting lots were limited, while March shipment cargoes were offered at $1,124-1,127/tonne FOB Korea against bids at $1,118/tonne FOB Korea. A sole bid for April-lifting parcels was $1,130/tonne FOB Korea.

ETHYLENE: $1,480-1,500/tonne CFR NE Asia, stable
Sellers indicated prices in the high-$1,400/tonne levels to above $1,500/tonne CFR NE Asia for February shipments, against buying ideas largely at below $1,480/tonne CFR NE Asia.

PROPYLENE: $1,465-1,485/tonne CFR NE Asia, stable
Buying ideas were notionally stable in the mid- to high-$1,400/tonne CFR NE Asia levels for February shipments.

By Staff Reporter