EVENING SNAPSHOT - Asia Markets Summary

13 September 2012 11:00  [Source: ICIS news]

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

CRUDE: WTI Oct $97.24/bbl, up 23 cents; BRENT Oct $116.28/bbl, up 32 cents
Crude futures firmed on Thursday afternoon amid expectations that the US Federal Reserve will announce further economic stimulus measures.

NAPHTHA: $995-997/tonne CFR Japan, down $17-18/tonne
Open-spec prices for the second-half October contract slumped in the afternoon despite slightly higher Brent crude futures, on concerns over weak petrochemical demand. In the physical trading, Glencore sold an open-spec naphtha cargo to Marubeni at $990/tonne for first-half November delivery.

BENZENE: $1,245-1,255/tonne FOB Korea, stable
Five deal on an FOB Korea basis and another on a CFR China basis were concluded in the afternoon. Two first-half October-loading cargoes were sold at $1,248/tonne FOB Korea and $1,265/tonne CFR China respectively. Two deals for November-loading cargoes were concluded at $1,220/tonne FOB Korea while another two for November-loading were fixed at $1,223/tonne FOB Korea.

TOLUENE: $1,180-1,200/tonne FOB Korea, stable
Discussions were subdued in the afternoon with offers for October and November-loading lots at $1,200-1,205/tonne FOB Korea and $1,197-1,200/tonne FOB Korea respectively. Meanwhile, October and November’s intermonth spread was said to be at parity.

ETHYLENE: $1,270-1,320/tonne CFR NE Asia, stable
Trade remained hindered by a wide buy-sell spread with selling targets remained at $1,320-1,350/tonne CFR NE Asia for early October arrival cargoes whereas firm bids were elusive.

PROPYLENE: $1,380-1,400/tonne CFR NE Asia, stable
Selling ideas were at above $1,400/tonne CFR NE Asia, while buying ideas were at $1,380-1,390/tonne CFR NE Asia. An end-user bought two cargoes for October arrival at $1,380-1,385/tonne CFR China.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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