EVENING SNAPSHOT - Asia Markets Summary

30 October 2012 10:09  [Source: ICIS news]

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

CRUDE: Dec WTI $85.64/bbl, up 10 cents/bbl; Dec BRENT $109.38/bbl, down 6 cents/bbl
Crude futures recouped some losses in afternoon trade, with WTI moving into positive territory, while ICE Brent was trading at a small discount. Crude values firmed on reports that damage from “super storm” Sandy, which has been downgraded from a hurricane, was not as severe as initially feared. 

NAPHTHA: $964.00-965.00/tonne CFR Japan, up $1.50-3.50/tonne
Open-spec prices for the first half of December contract extended gains in the afternoon. The spread between the second-half December contract and the second-half March contract was done at $40/tonne.

BENZENE: $1,295-1,315/tonne FOB Korea, up $10/tonne
Market players covering short positions placed higher bids, while supply remains tight in the region. A deal for a December-loading cargo was concluded at $1,297/tonne FOB Korea, while a January-loading lot changed hands at $1,272/tonne FOB Korea. Discussions for November-loading lots remained scarce.

TOLUENE: $1,215-1,230/tonne FOB Korea, up $15/tonne
Short-covering pushed up prices. Bids for December-loading lots were at $1,205-1,215/tonne FOB Korea, while offers for January-loading lots at $1,217-1,220/tonne FOB Korea met bids at $1,195-1,210/tonne FOB Korea.

ETHYLENE: $1,340-1,370/tonne CFR NE Asia, steady
Trade was hindered by a wide big-offer gap, with bids capped in the low- $1,300/tonne CFR China levels on the back of depressed derivative pricing. Suppliers however, were not in a hurry to sell below $1,350-1,370/tonne CFR China on account of limited spot availability.

PROPYLENE: $1,350-1,360/tonne CFR NE Asia, stable
Discussions were thin in the afternoon. Selling ideas remained at around $1,360-1,370/tonne CFR NE Asia, while buying ideas were at around $1,350/tonne CFR NE Asia or below.


By: Staff Reporter
+44 20 8652 3214



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