EVENING SNAPSHOT Asia Markets Summary

17 February 2014 10:18 Source:ICIS News

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

CRUDE: Mar WTI $100.85/bbl, up 55 cents/bbl; Apr BRENT $109.13/bbl, up 5 cents/bbl
Crude futures edged higher on Monday afternoon  buoyed by a weaker US dollar and cold winter weather which increased demand for heating oil.

NAPHTHA: $934.25-936.25/tonne CFR Japan, down $1.25/tonne
Open-spec first-half April naphtha retreated slightly from earlier gains after a second-half April contract was traded at $932/tonne.

BENZENE: $1,278-1,307/tonne FOB Korea, up $3/tonne on low end, down $3/tonne on high end
April discussions fell before open market trading to $1,272-1,278/tonne FOB Korea from $1,276-1,282/tonne FOB Korea. Subsequently in open market trading, two April deals were concluded at $1,280/tonne FOB Korea. After that, April negotiations were at $1,280-1,285/tonne FOB Korea. May offers were at $1,270-1,272/tonne FOB Korea that were countered with bids at $1,265/tonne FOB Korea. Prior to that, second-half March offer was at $1,305/tonne FOB Korea.

TOLUENE: $1,107-1,118/tonne FOB Korea, down $4-6/tonne      
Discussion levels were volatile in the afternoon session. April offers fell to $1,116-1,120/tonne FOB Korea from $1,125-1,128/tonne FOB Korea that were countered with bids at higher levels of $1,115-1,118/tonne FOB Korea  and subsequently April bids at $1,108-1,115/tonne FOB Korea. An April deal was then concluded at $1,116/tonne FOB Korea. For second-half March loading, offers plunged to $1,111/tonne FOB Korea from $1,120-1,124/tonne FOB Korea, with separate bids at $1,105-1,107/tonne FOB Korea and a fixture was heard settled at $1,107/tonne FOB Korea.

PROPYLENE: $1,475-1,490/tonne CFR NE Asia, unchanged
Spot offers were heard at around $1,490/tonne CFR NE Asia, while most buying ideas remained at $1,470-1,475/tonne CFR NE Asia.

ETHYLENE: $1,460-1,480/tonne CFR NE Asia, stable
A buyer looking to secure an any March arrival cargo was offered $1,500/tonne CFR China versus bids at $1,450/tonne CFR China.

By Staff Reporter