25 November 2010 04:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Thursday’s mid-day Asia oil and chemical market summary from ICIS.
CRUDE: WTI Jan $83.78/bbl, down 8 cents; BRENT Jan $85.65/bbl, down 19 cents
Crude futures were slightly softer in the morning after making strong gains the previous day, which were driven by upbeat US economic data.
NAPHTHA: $796–799/tonne CFR Japan, up $13.50–14.50/tonne
The first half-January open-spec naphtha contract was assessed as stronger on the back of overnight gains in crude and expectations of further demand from north Asia.
BENZENE: $930–945/tonne FOB Korea, up $10/tonne
Prices firmed on the back of stronger crude futures, with bids for January heard at around the low end of the range against offers at the high end. Meanwhile, buying ideas for February shipments were heard at $935/tonne FOB Korea.
TOLUENE: $885–895/tonne FOB Korea, up $5/tonne
Sentiment was subdued, but firmer crude futures lent some support to the broader aromatics market. Bids for January were heard at the middle of the range, while the February bid-offer range was heard at about $895–900/tonne FOB Korea.
ETHYLENE: $1,050–1,100/tonne CFR NE Asia, up $20–30/tonne
Discussions for December-arrival northeast Asia-origin cargoes edged up on firmer offers and the limited availability of Middle East cargoes. No deals were heard.
PROPYLENE: $1,230–1,260/tonne CFR NE Asia, stable
Sentiment was boosted by a rally in crude futures, but buyers remained on the sidelines amid an uncertain price outlook. Buying ideas lingered at the low $1,200s/tonne CFR China for December shipment.
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