EVENING SNAPSHOT - Asia Markets Summary

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

SINGAPORE (ICIS)--Here is Thursday’s end-of-day Asia oil and chemical market summary from ICIS.

CRUDE: WTI DEC $86.38/bbl, up 6 cents; BRENT DEC $109.83/bbl, up 22 cents
Crude futures edged higher on Thursday afternoon following on from gains made in the previous session which were triggered by Middle East supply concerns following bombings in Iraq and Israeli air strikes against Hamas targets in Gaza.

NAPHTHA: $960.00-962.00/tonne CFR Japan, up $3.50-4.50/tonne
Open-spec second-half December contract rose in the afternoon in tandem with Brent crude futures. A physical trade was made at $942/tonne CFR Japan for second-half January delivery.

BENZENE: $1,330-1,350/tonne FOB Korea, stable
Firmer crude futures sustained Asia benzene values. Two deals were heard finalised at $1,275/tonne FOB Korea for February lifting and one fixture at $1,295/tonne FOB Korea for January shipment. Buy-sell indications for December lots were cited at $1,320-1,350/tonne FOB Korea.

TOLUENE: $1,268-1,278/tonne FOB Korea, up $10/tonne
Stronger CFR China discussions and tight supply of prompt cargoes boosted market sentiment, resulting in higher bids and offers. Discussions for January were at $1,225-1,240/tonne FOB Korea while those for February loading was at $1,215-1,220/tonne FOB Korea.

ETHYLENE: $1,250-1,280/tonne CFR NE Asia, down $10/tonne on low end
Bids for December arrival cargoes were capped at $1,200-1,250/tonne CFR China on the back of weak derivative markets versus offers at $1,280/tonne CFR China. Discussions could not progress owing to the widening buy-sell spread.

PROPYLENE: $1,360-1,370/tonne CFR NE Asia, down by $10/tonne
Selling ideas for December cargoes were at around $1,380/tonne CFR NE Asia against buying ideas at $1,350-1,360/tonne CFR NE Asia. A deal for first half December shipment was heard done at $1,360/tonne CFR China.

By: Staff Reporter
+44 20 8652 3214

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