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.
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