Corrected: NOON SNAPSHOT - Asia Markets Summary

27 September 2012 05:00  [Source: ICIS news]

Correction: Removes reference to conflicting crude movement in naphtha, benzene and toluene snapshots. A corrected version follows with recasts.

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

CRUDE: WTI Nov $90.05/bbl, up 7 cents; BRENT Nov $109.97/bbl, down 7 cents
Crude futures were range-bound in the morning, because downside pressure from concerns over the eurozone debt and the weak global economy was offset by an unexpected fall in US crude inventories.

NAPHTHA: $953.50-956.50/tonne CFR Japan, up $5-6/tonne
Open-spec prices for the first-half November contracts rose in the morning on active spot buying from South Korean and Taiwanese cracker operators.

BENZENE: $1,215-1,230/tonne FOB Korea, down $15-20/tonne
A deal was concluded for a December-loading lot at $1,190/tonne FOB Korea. November-loading lots were offered at $1,125/tonne FOB Korea against bids at $1,210/tonne FOB Korea.

TOLUENE: $1,165-1,180/tonne FOB Korea, down $5/tonne
First-half November-loading lots were offered at $1,178-1,180/tonne FOB Korea, while December-loading cargoes were offered at $1,165/tonne FOB Korea.

ETHYLENE: $1,300-1,350/tonne CFR NE Asia, stable
Selling notions for selected northeast Asia-origin cargoes for November loading were heard at $1,270/tonne FOB NE Asia, which is equivalent to $1,340-1,370/tonne CFR NE Asia, because of a supplier’s reduced output. Discussions remained subdued.

PROPYLENE: $1,380-1,390/tonne CFR NE Asia, stable
Selling ideas for second-half October/early November cargoes were at around $1,390/tonne CFR NE Asia against buying ideas capped at $1,360-1,380/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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