EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Jan WTI $87.80/bbl, up 88 cents/bbl; Jan BRENT $109.68/bbl, up 73 cents/bbl
Crude futures rose in Asian afternoon trade as Middle East tensions heightened after further Israeli air strikes on Gaza.

NAPHTHA: $950-951/tonne CFR Japan, down $2/tonne at the high end
Open-spec first-half January contract edged lower at the upper end of the range in the afternoon, as supply is rising. The intermonth spread between the first-half January and the first-half February contracts narrowed to $15.50/tonne in backwardation from $17/tonne on 16 November.

BENZENE: $1,350-1,360/tonne FOB Korea, up $5-15/tonne
Bids were firmer from end-users seeking urgent cargoes. A deal for a February-loading cargo was fixed at $1,305/tonne FOB Korea. January-loading lots were offered at $1,340-1,345/tonne FOB Korea, meeting bids at $1,330-1,345/tonne FOB Korea.

TOLUENE: $1,260-1,270/tonne FOB Korea, down $8/tonne
Buying sentiment was weak as most end-users chose to adopt a wait-and-see stance, anticipating lower prices. Bids for second-half December-loading lots were heard at $1,260/tonne FOB Korea, while bids for January-loading lots were at $1,248-1,250/tonne FOB Korea.

ETHYLENE: $1,200-1,250/tonne CFR NE Asia, steady
Buying notions for December-arrival cargoes were capped at $1,200/tonne CFR China versus offers at $1,250/tonne CFR China. Most buyers were not in a hurry to secure cargoes as their term allocations were sufficient.  

PROPYLENE: $1,350-1,360/tonne CFR NE Asia, stable
Selling ideas for December cargoes were at $1,360-1,370/tonne CFR NE Asia against buying ideas at $1,350/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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