23 November 2010 04:02 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Tuesday’s mid-day Asia oil and chemical market summary from ICIS.
CRUDE: WTI Jan $81.41/bbl, down 33 cents; BRENT Jan $83.47/bbl, down 49 cents
Crude futures softened in the morning, weighed down by a stronger US dollar and renewed worries about Eurozone debts.
NAPHTHA: $780.75–783.75/tonne CFR Japan, down $11.25–12.25/tonne
The first half-January naphtha contract fell in line with the losses in crude. The inter-month spread between the first half-January and first half-February contracts was steady at $7.25/tonne in backwardation.
BENZENE: $920–930/tonne FOB Korea, stable
Prices were steady amid weak buying interest and softness in energy values. Meanwhile, offers for January loading cargoes were heard at $932–940/tonne FOB Korea.
TOLUENE: $895–900/tonne FOB Korea, up $5–10/tonne
Prices firmed. Offers for January-loading lots heard at around the high end and above were countered by bids at around the low end of the range.
ETHYLENE: $1,020–1,050/tonne CFR NE Asia, stable
No spot ethylene trades were heard done, as supply was thin and bids for December-loading cargoes were rising. Freight rates for the Middle East to Indonesia were pegged at $205–210/tonne, with tonnage said to be snug.
PROPYLENE: $1,230–1,260/tonne CFR NE Asia, stable
Trade was thin amid a wide buy-sell gap and uncertainty in the price outlook. Offers at the mid $1,200s/tonne CFR China attracted limited buying interest because of ample supply. Buying ideas lingered at the low $1,200s/tonne CFR China for December shipment.
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