NOON SNAPSHOT - Asia Markets Summary

26 January 2011 04:19  [Source: ICIS news]

SINGAPORE (ICIS)--Here is Wednesday’s mid-day Asia oil and chemical market summary from ICIS.

CRUDE: WTI Mar $86.55/bbl, up 36 cents; BRENT Mar $95.72/bbl, up 47 cents
Crude futures strengthened in the morning, supported by a weaker US dollar. Meanwhile, traders were waiting for comments from the US Federal Reserve on the country’s economy and its plans.

NAPHTHA: 851.50–854.50/tonne CFR Japan, down $8.50–9.50/tonne
Asia naphtha prices fell in the morning, in tandem with the overnight losses in global crude futures.

BENZENE: $1,110–1,120/tonne FOB Korea, down $5/tonne
Prices continued to edge lower as sentiment was weaker following a downturn in crude futures on Tuesday. A wide gap between buy/sell expectations also emerged, with offers for March loading cited at $1,135/tonne FOB Korea against bids at below the low end of the range.

TOLUENE: $950–960/tonne FOB Korea, down $10/tonne
Prices slipped on the back of a further fall in crude futures on Tuesday. Sellers remained on the sidelines, while bids for February and March loading were cited at $945/tonne and $955/tonne FOB Korea, respectively.

ETHYLENE: $1,250–1,270/tonne CFR NE Asia, stable
Ethylene spot prices were range-bound amid thin discussions, as most buyers had already covered their spot requirements. Selling ideas in southeast Asia were pegged at the high $1,100s/tonne CFR SE Asia, against buying ideas at $1,120–1,130/tonne CFR SE Asia.

PROPYLENE: $1,360–1,370/tonne, up $10/tonne
Propylene spot prices edged higher to reflect the discussions heard in the market. Talks to purchase second-half February-arrival parcels were heard at around the high end of the range, while buying ideas were largely at the low end and below.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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