27 January 2011 04:30 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Thursday’s mid-day Asia oil and chemical market summary from ICIS.
CRUDE: WTI Mar $87.42/bbl, up 9 cents; BRENT Mar $97.89/bbl, down 2 cents
The market received a boost in early trade, after the US Federal Reserve policymakers said they would press on with a plan to buy $600bn in government debt to further stimulate the economy.
NAPHTHA: 869–872/tonne CFR Japan, up $14–16/tonne
Asia naphtha prices were firmer in the morning, tracking the overnight gains in global crude futures.
BENZENE: $1,150–1,160/tonne FOB Korea, up $30/tonne
Prices rose in the morning following a spike in European and US benzene values late on Wednesday. Bids for any-March loading jumped to $1,145–1,150/tonne FOB Korea, while sellers stayed on the sidelines.
TOLUENE: $955–970/tonne FOB Korea, stable
Prices were unchanged amid lacklustre trading. A bid for second half-February lifting was heard at the low end of the range, while the bid-offer range for March-loading cargoes was heard at $968–973/tonne FOB Korea.
ETHYLENE: $1,250–1,270/tonne CFR NE Asia, stable
Ethylene prices were unchanged amid strong buyer resistance to selling targets at above $1,250/tonne CFR NE Asia. Most end-users in China and Taiwan were also not in a hurry to secure cargoes, as they had sufficient inventories.
PROPYLENE: $1,360–1,380/tonne, up $10/tonne
Selling ideas were mentioned at $1,380–1,400/tonne CFR NE Asia for second half/end-February arrival, against buying ideas at around the low end. Traders targeted higher prices in anticipation of tighter supply during the peak cracker-turnaround season in Asia next month.
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