SINGAPORE (ICIS)--Here is Monday’s midday Asia oil and chemical market summary from ICIS.
CRUDE: Jun WTI $100.12/bbl, down $0.13/bbl; Jun BRENT $108.24/bbl down $0.35/bbl
Crude prices firmed on Monday morning supported by geopolitical tensions generated by the Ukraine crisis.
NAPHTHA: $964.50-967.50/tonne CFR Japan, down $4.50-5.50/tonne
Open-spec second-half June naphtha edged down on Monday morning owing to declining petrochemical margin.
BENZENE: $1,258-1,270/tonne FOB Korea, up 5/tonne at the high end
July offers opened at $1,250/tonne FOB Korea, against bids at $1,240-1,243/tonne FOB Korea. For June loading, offers were quoted earlier at $1,260/tonen FOB Korea, that were countered with bids at $1,256-1,257/tonne FOB Korea. Offers for first-half June-July swap were at a backwardation of $20-22/tonne, while offers for first-half June-second-half June swap were at a backwardation of $10/tonne. For second-half June-July swap, offers were at a backwardation of $15-25/tonne, against bids at $7/tonne. Market was generally thinly discussed.
TOLUENE: $1,053-1,068/tonne FOB Korea, up $13-16/tonne
Market discussions dominated on July cargoes, with a deal reported at $1,063/tonne FOB Korea. July offers were at $1,068-1,075/tonne FOB Korea that were countered by bids at $1,062-1,063/tonne FOB Korea. Higher discussion levels were in line with firmer Chinese domestic market. July is priced notionally at on an average a contango of $5/tonne to second-half June, while second-half June is priced notionally at a contango of $5/tonne to first-half June.
ETHYLENE: $1,440-1,450/tonne CFR NE Asia, stable
Buying ideas continued to be largely capped at $1,420-1,440/tonne CFR NE Asia for end-May and June arrival cargoes.
PROPYLENE: $1,420-1,430/tonne CFR NE Asia, stable
Selling ideas were notionally unchanged at $1,425/tonne CFR CMP for first-half June arrival cargoes.