24 November 2010 09:48 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Wednesday’s end-of-day Asia oil and chemical market summary from ICIS.
CRUDE: WTI Jan $81.47/bbl, up 22 cents; BRENT Jan $83.68/bbl, up 43 cents
Crude futures were trading at above the previous session’s close, but gave back some of their earlier gains amid a firming of the US dollar. Meanwhile, prices were supported by the heightened tensions on the Korean peninsular.
NAPHTHA: $782.50–784.50/tonne CFR Japan, up $8/tonne
The first half-January naphtha contract firmed on the back of gains in crude. The inter-month spread between the first half-January and first half-February contracts was valued at a backwardation of around $6.50/tonne, unchanged from the previous day.
BENZENE: $915–925/tonne FOB Korea, up $5/tonne
Prices rebounded to Tuesday’s closing levels, as sentiment had strengthened on firmer crude futures. Meanwhile, bids for any-January lifting surfaced at $922/tonne FOB Korea.
TOLUENE: $880–895/tonne FOB Korea, stable
Prices were largely stable amid subdued trading interest. Bids for any-January loading cargoes were heard at up to $885/tonne FOB Korea.
ETHYLENE: $1,020–1,080/tonne CFR NE Asia, stable
Ethylene remained steady amid thin trade. Sellers kept their offers firm at above $1,100/tonne CFR NE Asia, based on the prevailing naphtha feedstock costs, but buying interest was muted at that level.
PROPYLENE: $1,230–1,260/tonne CFR NE Asia, stable
Sentiment was weakened by soft domestic values in the key China market. Offers remained at the mid $1,200s/tonne, against bids at the low $1,200s/tonne CFR China for December shipment. An Asian lot was heard booked at $1,245/tonne CFR China for first half-December arrival.
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