EVENING SNAPSHOT Asia Markets Summary

14 July 2014 11:00 Source:ICIS News

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

CRUDE: Aug WTI $100.34bbl, down 49 cents/bbl; Aug BRENT $106.90/bbl, up 24 cents/bbl
Brent crude futures continued to trade higher amid violent unrest in Libya and Iraq. However, prices have retreated substantially from highs hit in June on an overall easing of supply worries and somewhat modest demand.

NAPHTHA: $973.50-975.50/tonne CFR Japan, up $10.00-11.00/tonne
Open-spec second-half August naphtha strengthened, supported by firmer crack values against ICE Brent futures. Statoil sold a 25,000-tonne open-spec naphtha cargo for first half September delivery at $966.00/tonne CFR Japan.

BENZENE: $1,351-1,375/tonne FOB Korea, up $1/tonne at the low end
Trading was quiet, with discussions for September cargoes at a stalemate at $1,316-1,325/tonne FOB Korea.

TOLUENE: $1,161-1,167/tonne FOB Korea, down $4/tonne at the low end, down $7/tonne at the high end
For August, initial offers were at $1,179/tonne FOB Korea, before falling to $1,168/tonne FOB Korea. A bid for September was heard at $1,165/tonne FOB Korea against an offer at $1,167/tonne FOB Korea in late afternoon.

ETHYLENE: $1,520-1,550/tonne CFR NE Asia, stable
Selling ideas were at the high-$1,500/tonne CFR NE Asia levels, as it remained difficult for traders to locate spot cargoes. No deals were heard as buying ideas were capped at the low-$1,500/tonne CFR NE Asia levels.

PROPYLENE: $1,450-1,465/tonne CFR NE Asia, unchanged
Bulk of buying ideas stood at around $1,450/tonne CFR CMP, while selling ideas remained at above $1,465/tonne CFR CMP for August shipments.

By Staff Reporter