Asia top stories – weekly summary

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 15 September 2023.

Oil prices hit highest since Nov ‘22 on China recovery hopes
By Nurluqman Suratman 15-Sep-23 12:11 SINGAPORE (ICIS)–Upbeat August data on China’s industrial production and consumer spending accompanied by cuts in banks’ reserve requirement on Friday sent crude prices soaring to their highest level since November 2022.

East, south Asia LAB markets extend gains on firm buying momentum
By Clive Ong 14-Sep-23 11:43 SINGAPORE (ICIS)–The linear alkylbenzene (LAB) markets in sast and south Asia gained further ground this week, building on the positive momentum which started in August.

India MEC spikes on tight supply; Mideast, East Med seek alternative sources
By Keven Zhang 13-Sep-23 13:46 SINGAPORE (ICIS)–Output cuts have tightened India’s methylene chloride (MEC) supply causing domestic prices to spike, with buyers in the Middle East as well as the East Mediterranean region currently scrambling to source cargoes elsewhere.

INSIGHT: China benzene to see further support from firm crude, strong demand
By Yoyo Liu 14-Sep-23 18:20 SINGAPORE (ICIS)–The market is expected to gain further steam from bullish crude and brisk demand in the near term, after surging in July-August supported by the crude price upswing, decreasing port inventories and recovered demand.

Asia naphtha demand may weaken amid high prices, inflows of arbitrage cargoes
By Li Peng Seng 12-Sep-23 11:37 SINGAPORE (ICIS)–Asia’s naphtha demand could be affected by unrelenting high prices in the short-term, especially while this is happening when increases in arbitrage cargoes arriving from the west, including Europe and the Mediterranean, have been seen.

Oil markets ease on China slowdown; Brent stays above $90/bbl
By Nurluqman Suratman 11-Sep-23 13:21 SINGAPORE (ICIS)–Oil prices eased on Monday as concerns over China’s economic woes continue to weigh on sentiment, but Brent crude stayed above the $90/bbl mark on tighter global supplies.