EVENING SNAPSHOT Asia Markets Summary

21 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 $103.38/bbl, up 25 cents/bbl; Sept BRENT $107.40/bbl, up 16 cents/bbl
Crude prices edged higher. Market attention was focussed on the extension of nuclear talks between world powers and Iran. Heightened geopolitical tensions following the downing of a Malaysian airliner over the Ukraine, as well as violence in Libya and in Gaza remained major concerns.

NAPHTHA: $967.50-969.50/tonne CFR Japan, up $7.50-8.50/tonne
Open-spec first-half September naphtha retraced losses in afternoon trade as regional demand remains stable.

BENZENE: $1,340-1,382/tonne FOB Korea, down $8-15/tonne
September offers fell in late afternoon to $1,352/tonne FOB Korea from $1,357/tonne FOB Korea, against bids at $1,340/tonne FOB Korea. October offers were at $1,319-1,325/tonne FOB Korea, against bids at $1,310/tonne FOB Korea.

TOLUENE: $1,197-1,213/tonne FOB Korea, up $2/tonne at the low end and $4/tonne at the high end
August-September switched back to a contango in the afternoon as August discussions rose, with bids at $1,197-1,203/tonne FOB Korea and offers at $1,213-1,215/tonne FOB Korea.

ETHYLENE: $1,540-1,550/tonne CFR NE Asia, up $20/tonne at the low end
Prices were firm on the back of tight supply. Buying ideas were at $1,520-1,540/tonne CFR NE Asia for August-arrival cargoes, against selling ideas at up to $1,600/tonne CFR NE Asia.

PROPYLENE: $1,455-1,470/tonne CFR NE Asia, stable
Sellers sought prices at $1,480-1,490/tonne CFR CMP for August-arrival cargoes but such a price level was not workable for buyers due to weak downstream margins. Buying ideas were largely capped at $1,450-1,470/tonne CFR CMP.

By Staff Reporter