EVENING SNAPSHOT - Asia Markets Summary

26 January 2011 10:10  [Source: ICIS news]

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

CRUDE: Mar WTI $86.71/bbl, up 52 cents/bbl; Mar Brent $96.43/bbl up $1.18/bbl
Crude futures rebounded ahead of the release of a US Federal Reserve statement. The Fed was expected to stay on track on its plan to buy $600bn bonds.

NAPHTHA: $855-856/tonne CFR Japan, up $1.50-3.50/tonne
Asia naphtha pared losses in late trade, rebounding to abovementioned levels for first-half March contract, in tandem with global crude futures.

BENZENE: $1,125-1,130/tonne FOB Korea, up $10-15/tonne
Prices firmed in the afternoon with a deal for March loading heard at $1,130/tonne FOB Korea. Offers for any March lifting at $1,130/tonne FOB Korea met bids of $1,120-1,125/tonne FOB Korea.

TOLUENE: $955-970/tonne FOB Korea, up $5-10/tonne
Prices firmed in line with increases in benzene and crude futures on Wednesday.  A deal was heard from the morning for March at $960/tonne FOB Korea, while bids for second-half February and March loading were heard at $955/tonne and $958-962/tonne FOB Korea.

ETHYLENE: $1,250-1,270/tonne CFR NE Asia, stable
Some end-users in China were heard to have received selling indications for second half-February arrival parcels at $1,270-1,280/tonne CFR NE Asia, but buying ideas ranged from below $1,200/tonne to $1,250/tonne CFR NE Asia levels.

PROPYLENE: $1,360-1,370/tonne, steady
Selling ideas remained in the high $1,300/tonne CFR NE Asia levels for second half-February arrival parcels, while buying ideas from end-users mainly hovered at $1,350-1,360/tonne CFR NE Asia.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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