14 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 $85.38/bbl, unchanged; BRENT DEC $108.14/bbl, down 12 cents
Crude futures were rangebound on Wednesday morning. ICE Brent futures edged slightly lower. Crude prices remained depressed after the International Energy Agency cut its global demand forecast for 2012 amid weakness in the US and European economies. Meanwhile, supply has been boosted by higher output from non-OPEC nations and increased exports from Iran.
NAPHTHA: $952.50-955.50/tonne CFR Japan, down $4.50-5.50/tonne
The open-spec second-half December contract fell in the morning, in tandem with Brent crude futures.
BENZENE: $1,340-1,360/tonne FOB Korea, stable
Bids were heard in the Asian benzene market at $1,285/tonne FOB Korea for January cargoes and $1,260/tonne FOB Korea for February parcels, down some $5-10/tonne from Tuesday. Offers were limited in the morning session.
TOLUENE: $1,255-1,265/tonne FOB Korea, steady
Prices for December shipment were stable this morning despite a drop in crude futures as players continued to watch the market for emerging price trends.
PROPYLENE: $1,370-1,390/tonne CFR NE Asia, stable
Selling ideas hovered at around $1,400/tonne CFR NE Asia while most buying ideas were capped at $1,350-1,370/tonne CFR NE Asia. A deal was heard done at around $1,370/tonne CFR NE Asia.
ETHYLENE: $1,260-1,280/tonne CFR NE Asia, stable
Offers at $1,280/tonne CFR NE Asia for first half December arrival cargoes were met with bids at below $1,250/tonne CFR China as buyers anticipate further price reductions on ample supply.
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