08 November 2012 10:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Thursday’s end-of-day Asia oil and chemical markets summary.
CRUDE: Dec WTI $85.04/bbl, up 60 cents/bbl; Dec BRENT $107.45/bbl, up 63 cents/bbl
Crude futures strengthened in afternoon trade, as buyers re-entered the market following declines of more than $4/bbl in the previous session. Crude had slumped on Wednesday on renewed concerns over the health of the US and European economies and following an unexpected rise in US gasoline inventories.
NAPHTHA: $934.00-936.00/tonne CFR Japan, down $7.50-8.50/tonne
Open-spec prices for the second half of December fell in the afternoon, following a physical deal at $925/tonne CFR Japan for delivery in the first half of January. The naphtha crack spread weakened to $131.90/tonne from Wednesday’s $140.60/tonne.
BENZENE: $1,365-1,380/tonne FOB Korea, up $5/tonne on the high end
Firm crude futures and persistently tight supply supported the slight increase in prices. Bids for December-loading lots were at $1,365/tonne FOB Korea. January-loading lots were offered at $1,340/tonne FOB Korea, meeting bids at $1,310-1,330/tonne FOB Korea.
TOLUENE: $1,225-1,240/tonne FOB Korea, up $10/tonne
Bids turned higher, narrowing the gap between buying and selling indications. A deal was concluded at $1,275/tonne CFR China for a first-half December-loading cargo. Offers for December-loading spot cargoes were at $1,235/tonne FOB Korea against bids at $1,211-1,225/tonne FOB Korea.
ETHYLENE: $1,290-1,330/tonne CFR NE Asia, stable
Sporadic offers were heard at $1,300-1,330/tonne CFR NE Asia for December-arrival cargoes, but buyers chose to adopt a wait-and-see stance, expecting further price declines.
PROPYLENE: $1,370-1,380/tonne CFR NE Asia, up $10/tonne at the low end
Selling ideas for December shipment hovered at $1,380/tonne CFR NE Asia or above, against buying ideas at $1,350-1,370/tonne CFR NE Asia. Two deals for December shipments were done – at around $1,370/tonne CFR China and at $1,380/tonne CFR China.
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