NOON SNAPSHOT - Asia Markets Summary

24 November 2011 04:00  [Source: ICIS news]

SINGAPORE (ICIS)--Here is Thursday’s midday Asia oil and chemical market summary from ICIS.

CRUDE: WTI Jan $96.24/bbl, up 7 cents; BRENT Jan $107.40/bbl, up 38 cents
Brent rose, as Middle East tensions and strong US heating oil demand offset concerns about the eurozone debt crisis. Weekly supply statistics showed an unexpected drawdown in crude stocks, while distillate inventories fell to nearly a three-year low because of strong diesel demand.

NAPHTHA: $859-862/tonne CFR Japan, down $8-9/tonne
Open-spec naphtha prices for the first half of January fell because of concerns about weak petrochemical demand, despite the gains seen in global crude futures.

TOLUENE: $1,035-1,045/tonne FOB Korea, down $5/tonne
Prices fell, with a sole bid for January shipment heard at $1,038/tonne FOB Korea. Most offers stood at $1,040/tonne FOB Korea. Discussions for February were at parity to January. There were no negotiations for December. The December/January inter-month swap was at a $5/tonne backwardation.

BENZENE: $945-955/tonne FOB Korea, down $5/tonne
Buying indications for December and January cargoes were heard at $935-940/tonne FOB Korea, against selling indications at around $960/tonne FOB Korea.

ETHYLENE: $1,030-1,060/tonne CFR NE Asia, stable
Selling ideas for Asia-origin cargoes were heard at around $1,100/tonne CFR NE Asia. Some negotiations are underway in China.

PROPYLENE: $1,300-1,330/tonne CFR NE Asia, stable
The sharp decline in domestic polypropylene (PP) prices in China caused buying sentiment to become bearish and there remains strong buyer resistance to offers or selling ideas at above the low end of the range.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
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