EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: WTI Nov $91.54/bbl down 32 cents; BRENT Nov $114.47/bbl, down 15 cents
Crude futures were lower but had regained much of the ground lost the previous session on the back of a softer US dollar. Downward pressure generated by concerns over the economic strength of the US and European economies was offset by supply worries arising from tensions in the Middle East.

NAPHTHA: $973.50-975.50/tonne CFR Japan, down $2-3/tonne
Open-spec prices for the second-half November contract extended crude-led losses in the afternoon. However, the backwardation between the second half of November and the second half of December contracts remained at a steep spread of $14/tonne.

BENZENE: $1,250-1,270/tonne FOB Korea, $5/tonne down on low end
Benzene prices were assessed as stable-to-weak on the back of weaker crude futures and limited discussions in the market. A deal was done earlier in the day at $1,223/tonne FOB Korea for a January-loading lot, while offers for December-loading cargoes were at $1,244-1,245/tonne FOB Korea against bids at $1,225-1,230/tonne FOB Korea.

TOLUENE: $1,220-1,240/tonne FOB Korea, stable
Discussions were limited in the afternoon session. January-loading cargoes were offered at $1,210/tonne FOB Korea.

ETHYLENE: $1,300-1,350/tonne CFR NE Asia, steady
Offers at a steady $1,350-1,400/tonne CFR NE Asia for November arrival cargoes sidelined Chinese buyers who chose to adopt a wait-and-see stance on account of adequate term cargoes. Bids were capped at around $1,300/tonne CFR China.  

PROPYLENE: $1,320-1,350/tonne CFR NE Asia, up $20/tonne on low end
Selling ideas were heard at around $1,350/tonne CFR NE Asia, while buying ideas were capped at the low $1,300s/tonne CFR NE Asia.

For more pricing intelligence, please visit ICIS pricing


By: Staff Reporter
+44 20 8652 3214



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