EVENING SNAPSHOT Asia Markets Summary

10 July 2014 11:00 Source:ICIS News

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

CRUDE: Aug WTI $101.97/bbl, down 32 cents/bbl; Aug BRENT $108.26/bbl, down 2 cents/bbl
Crude futures continued to trade lower in the afternoon. Expectations  of increased exports from Libya served to depress crude values. Higher US gasoline inventories and crude stocks at Cushing, Oklahoma – the land-locked terminal for WTI – added downward pressure on the US crude benchmark.

NAPHTHA: $965.50-967.50/tonne CFR Japan, down $1.00-2.00/tonne
Open-spec second-half August naphtha slid further, owing to two deals which were done at $958/tonne for the first half of September.

BENZENE: $1,380-1,390/tonne FOB Korea, up $5/tonne
Two August-September swap deals were done at a backwardation of $43-45/tonne in the afternoon session. August bids were at $1,375-1,385/tonne FOB Korea, countered with an offer at $1,400/tonne FOB Korea.

TOLUENE: $1,156-1,175/tonne FOB Korea, up $5/tonne
A September cargo was booked at $1,157/tonne FOB Korea, with August offers at $1,175-1,180/tonne FOB Korea.

ETHYLENE: $1,520-1,550/tonne CFR NE Asia, up $20/tonne
Selling ideas were at the high-$1,500/tonne CFR NE Asia levels for August deliveries, versus bids in the low-$1,500/tonne CFR NE Asia levels.

PROPYLENE: $1,450-1,465/tonne CFR NE Asia, up $5/tonne at the high end
Offers heard remained limited at $1,460-1,470/tonne CFR China, but more sellers are targeting higher prices. Buying ideas were heard at $1,450-1,455/tonne CFR China.

By Staff Reporter