EVENING SNAPSHOT - Asia Markets Summary

17 September 2012 11:32  [Source: ICIS news]

SINGAPORE (ICIS)--Here is Monday’s end-of-day Asia oil and chemical markets summary.

CRUDE: Oct WTI $98.83/bbl, down 17 cents/bbl; Nov BRENT $116.36/bbl, down 30 cents/bbl
Crude futures softened in afternoon trade, giving back gains made earlier in the day amid a firmer US dollar. However, the US Federal Reserve’s recent announcement of a further round of monetary stimulus limited downside pressure in the oil markets.

NAPHTHA: $991.00-993.00/tonne CFR Japan, down $0.50-$1.50/tonne
Open-spec prices for the first-half November contract slid in the afternoon, following two cash trades. BP sold a first-half December cargo to Shell at $981/tonne CFR Japan, while Vitol sold a first-half December cargo to Socar at $981/tonne CFR Japan.

BENZENE: $1,270-1,280/tonne FOB Korea, up by $20/tonne
Prices rose on the back of tight supply. Second-half October-loading lots were offered at $1,280/tonne FOB Korea against bids at $1,250-1,270/tonne FOB Korea, while November-loading lots were offered at $1,245/tonne FOB Korea against bids at $1,240-1,250/tonne FOB Korea.

TOLUENE: $1,225-1,240/tonne FOB Korea, up $20-25/tonne
Toluene prices firmed further on the back of stronger bids and offers. A deal for an October-loading cargo was concluded at $1,260/tonne CFR China. Second-half October-loading lots were offered at $1,250/tonne FOB Korea and bids were at $1,210-1,215/tonne FOB Korea.

ETHYLENE: $1,270-1,320/tonne CFR NE Asia, stable
Northeast Asian cracker operators have mostly halted offers given a wide buy-sell spread. Selling notions remained targeted at $1,350/tonne CFR NE Asia and above, but there are no active discussions.

PROPYLENE: $1,380-1,400/tonne CFR NE Asia, unchanged
Selling ideas for October cargoes were at $1,400-1,410/tonne CFR NE Asia against buying ideas at $1,370-1,380/tonne CFR NE Asia. A cracker operator sold an end-October/early November loading cargo at $1,320/tonne FOB Korea.

By: Staff Reporter
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