NOON SNAPSHOT - Asia Markets Summary

07 January 2009 04:00  [Source: ICIS news]

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

CRUDE: February WTI $48.64/bbl up 6 cents  February BRENT $50.60/bbl up 7 cents

Crude futures were slightly higher on Wednesday in Asia ahead of the release of inventory data from the US Energy Information Administration (EIA) later today. The geo-political tensions in the Middle East and OPEC’s delivery on promised production cuts allowed crude prices to rise above $50/bbl on Tuesday but the momentum lost steam on continued concerns over US economic weakness.

NAPHTHA: Asian naphtha prices closed firmer Wednesday. Second half February price indications were pegged at $395.50-398.50/tonne CFR (cost and freight) Japan, first half March at $388.50-391.50/tonne CFR Japan and second half March at $384.50-387.50/tonne CFR Japan.

BENZENE: Prices were notionally assessed unchanged at $325-335/tonne FOB (free on board) Korea. A bid for any February loading surfaced towards the start of trades at $320/tonne FOB Korea.

TOLUENE: Prices firmed further on Wednesday with a bid heard at $475/tonne FOB Korea for any February which met an offer at $500/tonne FOB Korea.

For more pricing intelligence, please visit ICIS pricing.

By: Staff Reporter
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