EVENING SNAPSHOT - Asia Markets Summary

14 November 2012 10:00  [Source: ICIS news]

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

CRUDE: Dec WTI $85.67/bbl, up 29 cents/bbl; Dec BRENT $108.57/bbl, up 31 cents/bbl
Crude futures strengthened in the afternoon trade, supported by a weaker US dollar. But a reduction in 2012 global oil demand forecast by the International Energy Agency (IEA) and increased supplies served to limit crude gains.

NAPHTHA: $948.00-950.00/tonne CFR Japan, down $4.50-5.50/tonne
Open-spec second-half December contract fell further in the afternoon, following two physical trades. A deal for the second-half January contract was done at $930/tonne CFR Japan, while the spread between the second-half January and the first-half April contracts was done at $30/tonne in backwardation.

BENZENE: $1,330-1,350/tonne FOB Korea, down $10/tonne
Buy-sell indications for February cargoes were heard at $1,270-1,285/tonne FOB Korea for February lots. Buying indications were also cited at $1,290/tonne FOB Korea for January cargoes and $1,315/tonne FOB Korea for December lots. Selling indications were limited for January and December cargoes with no deals heard concluded.

TOLUENE: $1,258-1,268/tonne FOB Korea, up $3/tonne
Prices increased on the back of short supply of November- and December-loading cargoes. One bid for first-half December/any January intermonth swap was heard at parity to a $30/tonne backwardation.

ETHYLENE: $1,260-1,280/tonne CFR NE Asia, stable
Trades were hindered by a wide bid-offer gap, with traders reluctant to accept bids below $1,250/tonne CFR China despite weak demand and ample availability from the Middle East.

PROPYLENE: $1,370-1,380/tonne CFR NE Asia, down $10/tonne at the high end
Selling ideas remained at above $1,380/tonne CFR NE Asia, against buying ideas at $1,350-1,370/tonne CFR NE Asia. Several deals for December shipment were heard done at $1,370/tonne CFR China.


By: Staff Reporter
+44 20 8652 3214



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