EVENING SNAPSHOT - Asia Markets Summary

29 October 2012 10:00  [Source: ICIS news]

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

CRUDE: WTI DEC $85.47/bbl down 81 cents; BRENT DEC $108.88/bbl, down 67 cents
Crude futures weakened further on Monday morning undermined by a stronger US dollar and reduced refining operations on the US east coast ahead of the arrival of Hurricane Sandy.

NAPHTHA: $957.00-959.00/tonne CFR Japan, up $7.50-8.50/tonne
Open-spec prices for the first half of December contract rose in the afternoon, supported by tight regional supply. The naphtha crack spread widened to $141.28/tonne against Brent crude futures, the strongest since 12 September, according to ICIS data.

BENZENE: $1,285-1,305/tonne FOB Korea, up $3-10/tonne
Prices were assessed higher on the back of the persistently tight supply situation in the northeast Asian region. Offers for December-loading lots were at $1,290/tonne FOB Korea against bids at $1,275-1,285/tonne FOB Korea, while two deals were concluded for January-loading cargoes at $1,250/tonne FOB Korea and $1,260/tonne FOB Korea respectively.

TOLUENE: $1,200-1,215/tonne FOB Korea, up $5/tonne on the low end
Discussions for November-loading spot cargoes remain subdued. Meanwhile, bids for December-loading lots were at $1,195-1,200/tonne FOB Korea and bids were at $1,185-1,192/tonne FOB Korea for January-loading cargoes.

ETHYLENE: $1,340-1,370/tonne CFR NE Asia, steady
A trader continued to target sales at $1,380/tonne CFR NE Asia for cargoes arriving in the latter half of November and early December but talks were subdued. Meanwhile, a deal at $1,325/tonne CFR China reportedly concluded by a buyer during the week ended 26 October could not be confirmed.

PROPYLENE: $1,350-1,360/tonne CFR NE Asia, stable
The market was quiet amid subdued trade. Selling ideas hovered at $1,360-1,370/tonne CFR NE Asia while buying ideas were capped $1,350/tonne CFR NE Asia.

For more pricing intelligence, please visit ICIS pricing

By: Staff Reporter
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