EVENING SNAPSHOT - Asia Markets Summary

09 October 2012 11:00  [Source: ICIS news]

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

CRUDE: WTI Nov $89.77/bbl, up 44 cents; BRENT Nov $112.44/bbl, up 62 cents
Crude futures continued to trade above the previous session close on Tuesday afternoon, buoyed by heightened tensions in the Middle East between Syria and Turkey.

NAPHTHA: $964-966/tonne CFR Japan, down $5-6/tonne
Open-spec prices for the second-half November contract weakened in the afternoon following a physical trade. Shell bought the spread between the second half of November and the first half of December contracts from Glencore at a backwardation of $6.00/tonne.

BENZENE: $1,250-1,260/tonne FOB Korea, stable
Prices were assessed unchanged to reflect the bids and offers heard within the assessed range. Bids for November-loading lots were stable from the morning at $1,245/tonne FOB Korea, while December-loading cargoes were offered at $1,230-1,235/tonne FOB Korea against bids at $1,225/tonne FOB Korea.

TOLUENE: $1,200-1,220/tonne FOB Korea, up $10/tonne on high end
Prices were assessed as higher on the back of higher crude futures and persistently short supply of cargoes in the market. A bid for a November-loading lot was at $1,198/tonne FOB Korea, while bids for December-loading lots were at $1,190-1,195/tonne FOB Korea.

ETHYLENE: $1,300-1,350/tonne CFR NE Asia, unchanged
The spot prices of ethylene in Asia were unchanged on Tuesday amid a dearth of active discussions. Market participants reported subdued interest from end-users, many of whom are hesitant to make fresh purchases due to lacklustre sentiment.  Selling indications for November-loading cargoes were maintained at $1,350-1,380tonne CFR NE Asia, while buying ideas hovered at around $1,300/tonne CFR NE Asia.

PROPYLENE: $1,320-1,340/tonne CFR NE Asia, down $10/tonne
Propylene prices in northeast Asia fell on Tuesday as industry players shifted their attention to weak market fundamentals and pessimism about the near-term price outlook. Offers and selling ideas for late October/first-half November loading parcels were heard $10/tonne lower at $1,340-1,350/tonne CFR NE Asia, while bids from Chinese end-users were at $1,310-1,320/tonne CFR NE Asia.   

For more pricing intelligence, please visit ICIS pricing


By: Staff Reporter
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