NOON SNAPSHOT Asia Markets Summary

10 July 2014 05:00 Source:ICIS News

SINGAPORE (ICIS)--Here is Thursday’s midday Asia oil and chemical markets summary.

CRUDE: Aug WTI $101.80/bbl, down 49 cents/bbl; Aug BRENT $108.14/bbl, down 14 cents/bbl
Crude futures softened, undermined by forecasts of increased exports from Libya. A build in US gasoline inventories and crude stocks at Cushing, Oklahoma (the land locked terminal for WTI) added downward pressure on the US crude benchmark.

NAPHTHA: $966.50-969.50/tonne CFR Japan, down $2.50-3.50/tonne
Open-spec second-half August naphtha eased in morning trade on softer crude futures.

BENZENE: $1,375-1,385/tonne FOB Korea, stable
Slight declines in Asian offers stemmed from soft prompt, overnight US numbers. August bids were steady at $1,373-1,375/tonne FOB Korea.

TOLUENE: $1,151-1,170/tonne FOB Korea, down $5/tonne at the low end
Sellers dominated the morning session. Trades remained limited because of unclear price direction. September offers dropped to $1,160/tonne FOB Korea from $1,165/tonne FOB Korea, with bids at $1,145/tonne FOB Korea. August bids were at $1,165/tonne FOB Korea.

ETHYLENE: $1,500-1,530/tonne CFR NE Asia, up $10/tonne at the high end
Bids hovered at $1,500-1,520/tonne CFR NE Asia, but firm offers were scarce amid tight supply.

PROPYLENE: $1,450-1,460/tonne CFR NE Asia, unchanged
Sellers held back offers amid limited supply, with selling ideas last heard at $1,460-1,470/tonne CFR CMP.

By Staff Reporter