06 January 2011 04:10 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Thursday’s mid-day Asia oil and chemical market summary from ICIS.
CRUDE: WTI Feb $90.28/bbl, down 2 cents; BRENT Feb $95.29/bbl, down 21 cents
Crude futures steadied in the morning, supported by strong job data from the US where 297,000 jobs were created in the private sector in December 2010.
NAPHTHA: $900–903/tonne CFR Japan, up $16/tonne
The second half-February naphtha contract rose in the morning, on the back of strong overnight gains in crude values.
BENZENE: $1,050–1,060/tonne FOB Korea, up $10/tonne
Sentiment was boosted by a rebound in energy futures, but there were no firm February discussions. Meanwhile, buy/sell indications for March cargoes were cited at $1,060–1,070/tonne FOB Korea.
TOLUENE: $950–960/tonne FOB Korea, up $5–10/tonne
A March cargo was sealed at $969/tonne FOB Korea in the morning, while February parcels were discussed at around $953–958/tonne FOB Korea. January molecules were notionally pegged at a $5/tonne discount to February volumes.
ETHYLENE: $1,180–1,220/tonne CFR NE Asia, stable
Ethylene discussions were range-bound. A second half-January delivery 3,000–3,500 tonne southeast Asian cargo was heard as close to being concluded at around $1,100/tonne FOB SE Asia. The cargo was likely to head to northeast Asia at the equivalent of around $1,220/tonne CFR NE Asia.
PROPYLENE: $1,280–1,320/tonne CFR NE Asia, up $20/tonne
Propylene prices were buoyed by high naphtha values and the firmer domestic values in the key China market. Offers hovered at the low-to-mid $1,300s/tonne CFR China, while buying ideas were at around the low end of the range.
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