NOON SNAPSHOT - Asia Markets Summary

14 October 2008 05:00  [Source: ICIS news]

SINGAPORE (ICIS news)--Here is Tuesday’s mid-day Asia oil and chemical market summary from ICIS pricing.

CRUDE: November WTI $83.18/bbl up $1.99 November BRENT $78.95/bbl up $1.49

Crude futures made strong gains on Tuesday morning, buoyed by concerted moves by leading economies to rescue banks and restore stability to battered financial markets. Tuesday’s rally follows a 4% gain on Monday and comes after sharp falls the previous week when crude prices fell to their lowest levels in over a year on fears over lower global demand.  

NAPHTHA: Asian naphtha prices opened higher Tuesday. Second half November prices indications were pegged at $574.00-577.00/tonne CFR (cost and freight) Japan, first half December at $589.00-592.00/tonne CFR Japan and second half December at $603.00-606.00/tonne CFR Japan.

BENZENE: Prices were largely stable at $800-810/tonne FOB (free on board) Korea on Tuesday. A bid was heard at $770/tonne FOB Korea for Second Half November loading, while the bid-offer range for any December lifting was heard at $790-840/tonne FOB Korea.

TOLUENE: Prices firmed to $725-740/tonne FOB Korea on the back of an offer heard at $750/tonne FOB Korea for H2 November loading. No bids were heard.

For more pricing intelligence, please visit ICIS pricing.

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