EVENING SNAPSHOT Asia Markets Summary

21 February 2014 10:00 Source:ICIS News

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

CRUDE: Apr WTI $102.58/bbl, down 17 cents/bbl; Apr BRENT $110.16/bbl, down 14 cents/bbl
Crude futures prices were trading lower, but valuations remained supported by demand amid the US winter, and supply disruption from Libya and Angola. Prices eased off recent highs following an unexpected build in US crude stocks and recent weak economic data from China.

NAPHTHA: $941.00-942.00/tonne CFR Japan, down $2.50-4.50/tonne
Open-spec first-half April prices drifted lower in afternoon trading in tandem with crude futures.

BENZENE: $1,295-1,302/tonne FOB Korea, up $2-15/tonne
Two April deals were settled at $1,290-1,295/tonne FOB Korea. April offers were at $1,295-1,300/tonne FOB Korea, against bids at $1,290/tonne FOB Korea. April is priced notionally at a backwardation of $7/tonne to second-half March.

TOLUENE: $1,085-1,098/tonne FOB Korea, down $2-5/tonne
An April cargo was sold by a South Korean producer at $1,095/tonne FOB Korea in late afternoon trade. Second-half March offers were at $1,095/tonne FOB Korea, while bids were at $1,080/tonne FOB Korea.

ETHYLENE: $1,470-1,480/tonne CFR NE Asia, stable
Selling ideas at or above $1,500/tonne CFR NE Asia for March delivery were not workable for buyers because of weak downstream demand.

PROPYLENE: $1,445-1,465/tonne CFR NE Asia, down $5-15/tonne
A few deals were concluded at $1,445-1,455/tonne CFR CMP for March delivery.

By Staff Reporter