EVENING SNAPSHOT - Asia Markets Summary

07 January 2009 10:31  [Source: ICIS news]

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

CRUDE: February WTI $47.76/bbl down 82 cents February BRENT $50.17/bbl down 36 cents

Crude futures weakened in the afternoon in Asia on expectations that data from the US EIA would show higher oil inventory as demand continued to fall in line with the weakness in the world’s biggest economy.

Increasing evidence of OPEC’s compliance to its promised production cuts, along with geo-political tensions in the Middle East and the gas row between Russia and Ukraine, recently helped push February NYMEX light sweet crude to strengthen above $50/bbl on Tuesday but closed at a lower level as recession concerns persisted.

NAPHTHA: Asian naphtha prices closed softer Wednesday. Second half February price indications were pegged at $377.50-378.50/tonne CFR (cost and freight) Japan, first half March at $370.50-371.50/tonne CFR Japan and second half March at $366.50-367.50/tonne CFR Japan.

BENZENE: Prices went up to $335-345/tonne FOB (free on board) Korea on Wednesday afternoon with a February bid heard at $335/tonne FOB Korea. Bids were heard at $325-335/tonne FOB Korea for any March loading.

TOLUENE: Trading remained thin on Wednesday afternoon with no buy-sell indications heard. Prices were notionally assessed at $475-485/tonne FOB Korea.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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