EVENING SNAPSHOT Asia Markets Summary

23 April 2014 11:00 Source:ICIS News

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

CRUDE: Jun WTI $101.27/bbl, down 48 cents/bbl; Jun BRENT $109.37/bbl, up 10 cents/bbl
Brent crude futures firmed in afternoon trade, recovering ground lost earlier in the session amid reduced April North Sea cargoes. US WTI crude futures continued to trade below the previous session’s close despite industry data revealing a much smaller-than-expected rise in US crude stocks.

NAPHTHA: $971.00-973.00/tonne CFR Japan, up $11.50-12.50/tonne
Open-spec first-half June naphtha rose in afternoon trade, buoyed by a deal at $962/tonne for second-half June.​

BENZENE: $1,250-1,260/tonne FOB Korea, up $5/tonne at the low end, down $5/tonne at the high end
June offers were at $1,250-1,255/tonne FOB Korea, countered by bids at $1,246/tonne FOB Korea. Offers for second-half May-June swap were at $12-15/tonne, against bids at a contango of $2/tonne to parity.

TOLUENE: $1,053-1,066/tonne FOB Korea, up $3/tonne at the low end, down $3/tonne at the high end
A July cargo was booked at $1,075/tonne FOB Korea. For second-half May loading, offers were at $1,063/tonne FOB Korea against bids at $1,053/tonne FOB Korea. Offers for June-July swap were at a backwardation of $22/tonne.

ETHYLENE: $1,425-1,440/tonne CFR NE Asia, stable
Selling ideas at $1,460-1,470/tonne CFR NE Asia for May-arrival cargoes were not workable for buyers whose price ideas were at $1,420/tonne CFR NE Asia and below.

PROPYLENE: $1,425-1,435/tonne CFR NE Asia, flat
A buy-sell gap has hampered discussions. Sellers targeted prices at $1,440/tonne CFR CMP for mid- to second-half May arrival cargoes, while buyers capped their price ideas at $1,420-1,430/tonne CFR CMP.

By Staff Reporter