EVENING SNAPSHOT - Asia Markets Summary

12 October 2011 11:00  [Source: ICIS news]

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

CRUDE: WTI Nov $86.32/bbl, up 51 cents; BRENT Nov $111.64/bbl, up 91 cents
Crude futures strengthened, buoyed by a weaker US dollar and hopes of a deal to expand the eurozone rescue fund. Prices rose despite forecasts of lower demand by OPEC and the International Energy Agency (IEA).

NAPHTHA: $906.25-908.75/tonne CFR Japan, up $20-21/tonne
Prices for the second-half of November rose, supported by higher global crude futures.

BENZENE: $1,000-1,010/tonne FOB Korea, up $20/tonne
Sentiment firmed across the aromatics markets following the shutdown of a South Korean facility. Bids for second-half November loading cargoes were at $980-1,000/tonne FOB Korea, while two deals were heard for December and January loading at $1,015/tonne and $980/tonne FOB Korea respectively.

TOLUENE: $1,075-1,090/tonne FOB Korea, up $5/tonne
Prices edged higher in tandem with an increase in WTI crude futures and following a sudden shutdown at a South Korean facility, market participants said. The bid-offer range for November loading was at the published range, while two deals for December and January loading were heard at $1,055/tonne and $1,018/tonne FOB Korea respectively.

ETHYLENE: $1,070-1,100/tonne CFR NE Asia, stable
Discussions were heard at close to the high end of the range for November-arrival cargoes but further details were not available.

PROPYLENE: $1,440-1,460/tonne CFR NE Asia, stable
Selling ideas were heard at $1,460-1,480/tonne CFR NE Asia against buying ideas in the low-to-mid $1,400s/tonne CFR NE Asia, market sources said.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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