24 November 2010 04:03 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Wednesday’s mid-day Asia oil and chemical market summary from ICIS.
CRUDE: WTI Jan $81.58/bbl up 33 cents; BRENT Jan $83.59/bbl, up 34 cents
Crude futures firmed in the morning, regaining the ground lost yesterday. Prices rose after falls were reported in US oil-product inventories and amid the heightened tensions on the Korean peninsular.
NAPHTHA: $771.50–774.50/tonne CFR Japan, down $2–3/tonne
The first half-January naphtha contract softened, following overnight falls in crude. The inter-month spread between the first half January and first half-February contracts widened slightly to a backwardation of around $7/tonne, from around $6.50/tonne in the previous evening.
BENZENE: $910–925/tonne FOB Korea, down $5/tonne
Prices were lower as buying ideas for the second half of December had dropped to the low end of the range and below. Meanwhile, bids for January lifting were heard at $915/tonne FOB Korea and for February at $925/tonne FOB Korea.
TOLUENE: $880–895/tonne FOB Korea, down $5/tonne
Prices were stable-to-weak, as bids for January had fallen to the low end. However, sellers remained firm and kept their offers for January loading at the high end of the range.
ETHYLENE: $1,020–1,080/tonne CFR NE Asia, up $30/tonne
Ethylene prices rose on tight supply, with bids heard at around the middle of the range. A mid-December loading regional cargo was heard done at $1,100/tonne CFR China, but that could not be confirmed.
PROPYLENE: $1,230–1,260/tonne CFR NE Asia, stable
Discussions were thin, as soft downstream polypropylene (PP) values had weighed on sentiment. Selling ideas at the mid $1,200s/tonne CFR China were countered by buying ideas at the low $1,200s/tonne CFR China for December shipment.
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