EVENING SNAPSHOT - Asia Markets Summary

12 October 2012 11:19  [Source: ICIS news]

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

CRUDE: Nov WTI $91.91/bbl, down 16 cents/bbl; Nov BRENT $114.72/bbl, down 99 cents/bbl
Crude futures weakened in afternoon trade after the International Energy Agency (IEA) lowered its forecast for oil demand in 2012 by 100,000 bbl/day to 89.7m bbl/day. Demand worries offset supply concerns generated by heightened tensions between Turkey and Syria.

NAPHTHA: $984.50-986.50/tonne CFR Japan, down $9.00-10.00/tonne
Open-spec prices for the second half November contract fell in the afternoon, undermined by crude losses. The spread between first-half December and the first-half March contracts was being traded at $30/tonne.

BENZENE: $1,255-1,270/tonne FOB Korea, down $5/tonne at the low end
Bids for October lots were at $1,260-1,263/tonne FOB Korea, while those for November-loading lots stood at $1,255-1,258/tonne FOB Korea. A deal was concluded for a January-loading lot at $1,227/tonne FOB Korea.

TOLUENE: $1,220-1,240/tonne FOB Korea, up $5-10/tonne
High Chinese domestic prices pushed up import values. Discussions for November-loading lots were scarce. December-loading cargoes were offered at $1,220/tonne FOB Korea against bids at $1,205-1,212/tonne FOB Korea.

ETHYLENE: $1,300-1,350/tonne CFR NE Asia, unchanged
Trades were muted. Sellers maintained offers at $1,350-1,390tonne CFR NE Asia levels, against most buying ideas at $1,300/tonne CFR NE Asia.

PROPYLENE: $1,300-1,350/tonne CFR NE Asia, down $10/tonne at the low end
Deals were concluded at $1,290-1,300/tonne CFR China for any November arrival. Most offers are maintained at $1,350/tonne CFR China.


By: Staff Reporter
+44 20 8652 3214



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