EVENING SNAPSHOT Asia Markets Summary

26 June 2014 11:20 Source:ICIS News

SINGAPORE (ICIS)--Here is Thursday’s end of day Asia oil and chemical market summary from ICIS.

CRUDE: Aug WTI $106.54/bbl, up $0.04/bbl; Aug BRENT $113.95/bbl down $0.05/bbl
Brent crude futures prices continued to trade below the previous session close on Thursday despite news that Sunni militants had taken control of gas fields to the north of Bagdad. US crude futures continued to trade slightly above the previous close.

NAPHTHA:  $985.50-987.50/tonne CFR Japan, down $4.50-5.50/tonne
Open-spec first-half August naphtha softened on Thursday afternoon following declines in crack values against ICE Brent crude futures values.

ETHYLENE: $1,460-1,470/tonne CFR NE Asia, up by $10/tonne at low end
Buying ideas increased up to $1,460-1,470/tonne CFR NE Asia for second-half July arrival cargoes, against selling ideas at $1,500/tonne CFR NE Asia.

PROPYLENE: $1,440-1,450/tonne CFR NE Asia, up by $10/tonne at high end
A few cargoes were traded at $1,450/tonne CFR NE Asia for second-half July arrival.

BENZENE: $1,405-1,435/tonne FOB Korea, down $8/tonne on the low end, up $5/tonne on high end
An August cargo was booked at $1,413/tonne FOB Korea before open market trading, while an August-September swap was traded at a backwardation of $43/tonne FOB Korea. Two South Korean producers bid for second-half July cargoes to as high as $1,434/tonne FOB Korea. After 17:00 Singapore time, September offers fell to $1,355/tonne FOB Korea, with a deal then reported at this price level.

TOLUENE: $1,205-1,230/tonne FOB Korea, down $5/tonne on low end, up $2/tonne on high end
Second-half July offers were quoted at $1,233/tonne FOB Korea during open market trading. Prior to that August discussions were at $1,215-1,220/tonne FOB Korea, but subsequently shed to $1,200-1,210/tonne FOB Korea on higher inventories.

By Staff Reporter