07 November 2012 04:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Wednesday’s midday Asia oil and chemical market summary from ICIS.
CRUDE: WTI DEC $88.40/bbl, down 31 cents; BRENT DEC $110.69/bbl, down 38 cents
Crude futures weakened on Wednesday morning as traders await results of the US elections. Crude prices rose by more than 3% in the previous session, buoyed by a rise in the US equity market and a weaker US dollar.
NAPHTHA: $965.50-968.50/tonne CFR Japan, up $22.50-23.50/tonne
Open-spec prices for the second half of December increased sharply on Wednesday morning, tracking steep overnight gains in global crude futures.
BENZENE: $1,375-1,385/tonne FOB Korea, up $29-30/tonne
Benzene prices rose sharply on the back of a second-half December-loading cargo sold at $1,375/tonne FOB Korea. Discussions for January and February-loading cargoes were active, with offers for January-loading lots at $1,360/tonne FOB Korea against bids at $1,350/tonne FOB Korea. Meanwhile, another deal for a February-loading lot changed hands at $1,320/tonne FOB Korea.
TOLUENE: $1,220-1,235/tonne FOB Korea, stable
Discussions for spot cargoes were scarce as most end-users held on to their wait-and-see stance in anticipation of clearer price indications.
ETHYLENE: $1,300-1,340/tonne CFR NE Asia, stable
Discussions for December arrival cargoes remained subdued in northeast Asia amid the lack of strong demand for spot cargoes in China. Selling notions were pegged at $1,340-1,350/tonne CFR China based on prevailing feedstock values, versus buying ideas at around $1,300/tonne CFR China.
PROPYLENE: $1,370-1,390/tonne CFR NE Asia, stable
Selling ideas for December cargoes hovered at around $1,390-1,400/tonne CFR NE Asia against buying ideas at $1,360-1,370/tonne CFR NE Asia.
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