NOON SNAPSHOT - Asia Markets Summary

27 September 2010 05:10  [Source: ICIS news]

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

CRUDE WTI Nov $76.50/bbl, up 1 cent; BRENT Nov $78.81/bbl, down 6 cents
Crude futures prices were range-bound on Monday morning, after gaining ground last Friday on equity market gains and a weaker US dollar.

NAPHTHA: $685–688/tonne CFR Japan, up $5.50/tonne
Asia naphtha was assessed notionally at $685-688/tonne CFR Japan on Monday for first half-November contracts, as global crude futures hovered at above $76/bbl. Meanwhile, the second half-November naphtha contract was valued at $686.50–689.50/tonne CFR Japan and the first half-December contract was pegged at $686.50–689.50/tonne CFR Japan.

BENZENE: $870–880/tonne, up $5/tonne
Prices widened as higher offers emerged in the morning trading session at $880/tonne FOB Korea for November lifting, in tandem with overnight spikes in crude futures. Bids for November loading remained at $870/tonne FOB Korea. Meanwhile, a December shipment changed hands at $880/tonne FOB Korea in the late morning.

TOLUENE: $775–785/tonne, stable
Prices were mostly unchanged on Monday. Buying indications for November cargoes were heard at $770–775/tonne FOB Korea, against selling indications at $790/tonne FOB Korea.

ETHYLENE: $1,050–1,100 CFR NE ASIA, up $30/tonne
Ethylene spot prices in northeast Asia were assessed as $30/tonne higher on Monday, following firmer buying notions on last Friday’s close. Bids from a Taiwan-based producer for October-arrival cargoes were reiterated at $1,120–1,130/tonne CFR Taiwan, versus selling ideas at $1,150/tonne CFR Taiwan. No deals were heard, but more buyers raised their buying notions towards the $1,100/tonne CFR NE Asia level on short supply.

PROPYLENE: $1,155–1,180/tonne, stable
Trade was modest on Monday morning. However, a southeast Asian lot was heard sold over the weekend at $1,165/tonne CFR China for early-October arrival.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
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