EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: WTI Nov $91.80/bbl, up 55 cents; BRENT Nov $115.00/bb, up 67 cents
Crude futures climbed on Thursday afternoon supported by a weaker US dollar and supply concerns arising from the tensions in the Middle East. However, upside pressure was moderated by oil demand concerns amid the global economic downturn.

NAPHTHA: $988.50-990.50/tonne CFR Japan, up $2.50-3.50/tonne
Open-spec prices for the second-half November contract rose in the afternoon, tracking firmer crude futures. A second-half December cargo was traded at $975/tonne CFR Japan, while the spread between first-half December and first-half March contracts were traded at $34/tonne in backwardation.

BENZENE: $1,255-1,270/tonne FOB Korea, up to $10-15/tonne
Prices rose on the back of higher crude values, along with strong prices in the US and Chinese market. Bids for second-half October and first-half November-loading lots were heard at $1,260/tonne FOB Korea and $1,255/tonne FOB Korea respectively. Offers were heard at $1,245-1,250/tonne FOB Korea against bids at $1,235-1,243/tonne FOB Korea for December-loading cargoes. Three deals were concluded for January-loading lots, with two fixed at $1,230/tonne FOB Korea and another at $1,225/tonne FOB Korea.

TOLUENE: $1,215-1,230/tonne FOB Korea, stable
Prices were assessed stable amid discussions within the published price range. A bid for November-loading lots was at $1,215/tonne FOB Korea, while December-loading cargoes were offered at $1,220/tonne FOB Korea against $1,198-1,205/tonne FOB Korea.

ETHYLENE: $1,300-1,350/tonne CFR NE Asia, unchanged
Discussions remained sporadic on Thursday as customers reiterated that they had little or no spot requirements. Selling indications for November-loading cargoes were rolled over at $1,350-1,390tonne CFR NE Asia levels, against most buying ideas at $1,300/tonne CFR NE Asia.

PROPYLENE: $1,330-1,350/tonne CFR NE Asia, down $10/tonne
Propylene prices in northeast Asia ended marginally higher in late Thursday trading hours, capturing on-going discussions amid fluctuating US crude oil futures overnight. In early Asian trading hours, regional traders attempted to increase their spot offers for propylene to above $1,350/tonne CFR China, but buying interest was sparse at such levels. Most bids and buying indications among Chinese end-users for late-October/ early-November arrival cargoes were maintained at $1,310-1,330/tonne CFR China. 

For more pricing intelligence, please visit ICIS pricing


By: Staff Reporter
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