EVENING SNAPSHOT - Asia Markets Summary

15 January 2010 10:10  [Source: ICIS news]

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

CRUDE: Feb WTI $78.98/bbl down 41 cents/bbl BRENT Mar $78.00/bbl down 57 cents/bbl
Crude futures softened on Friday undermined by downbeat economic data from the US. However, in a report released on Friday the International Energy Agency forecast for oil demand in 2010 to raise by 1.4m bbls to 86.3m bbls. At 8:30 GMT on Friday, the Dubai Mercantile Exchange (DME) March Oman futures contract settled at $77.89/bbl, down 91 cents/bbl on the previous day.

NAPHTHA: Second-half February open-spec naphtha pared losses from earlier session to $757-761/tonne CFR (cost and freight) Japan, but remained weaker than $763-765/tonne on Thursday because of weaker crude. First-half March open-spec naphtha contract was valued at $746-750/tonne CFR Japan, while the second-half March contract stood at $737-741/tonne CFR Japan.

BENZENE: Discussions remained thin in the regional markets following the overnight slip in crude futures. Prices remained largely stable from Friday morning with offers for March loading parcels cited at $1,040-1,045/tonne FOB Korea that met bids at $1,000-1,025/tonne FOB Korea.

TOLUENE: Market players were seeking direction following the continuing bearishness in energy futures. Trading almost ground to a halt with two lone bids heard for H1 and H2 February loading lots at $910-915/tonne FOB Korea, amid a dearth of offers.

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By: Staff Reporter
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