22 November 2010 04:03 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Monday’s mid-day Asia oil and chemical market summary from ICIS.
CRUDE: WTI Jan $82.59/bbl, up 61 cents; BRENT Jan $85.95/bbl, up 61 cents
Crude futures strengthened in the morning, regaining much of the ground lost last Friday. The rise was supported by a weaker US dollar and news that the EU and IMF had reached an agreement with Ireland on plans to tackle the country’s debt crisis.
NAPHTHA: $792.50–795.50/tonne CFR Japan, down $6–8/tonne
The first half-January naphtha contract fell on Monday morning despite higher global crude futures, on expectations of hefty arbitrage inflows from Europe.
BENZENE: $930–940/tonne, up $15–20/tonne
Benzene prices rose in tandem with firmer crude futures. Valuations for the December/January inter-month swap were assessed as in a $10/tonne contango, while the January/February swap was heard at $5–8/tonne.
TOLUENE: $890–900/tonne, stable
Negotiations for January parcels were thin, with valuations for the January/February inter-month swap assessed in a $5–10/tonne contango. Meanwhile, discussions for any-February parcels were heard at $895–905/tonne FOB Korea.
ETHYLENE: $1,020–1,050/tonne, stable
Ethylene held steady and bid/offer levels for December cargoes were heard at within the range amid a stronger market outlook, which was due to a lack of spot cargoes and steadily firming buying notions. Discussions for December-loading cargoes had not begun.
PROPYLENE: $1,220–1,250/tonne CFR NE Asia, stable
Few discussions were heard, as buyers were sidelined amid an uncertain price outlook. Selling ideas at the mid $1,200s/tonne CFR China for December shipment were met with limited buying interest.
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