NOON SNAPSHOT - Asia Markets Summary

20 November 2012 03:46  [Source: ICIS news]

SINGAPORE (ICIS)--Here is Tuesday’s midday Asia oil and chemical markets summary from ICIS.

CRUDE: WTI Jan $89.15/bbl, down 13 cents; BRENT Jan $111.71/bbl, up 1 cents/bbl
Crude futures were range-bound on Tuesday after large gains made in the previous day. Upside pressure, driven by an escalation of violence in Middle East and hopes of a resolution in the US budget crisis, was offset on Tuesday by news of a downgrade in France’s sovereign debt.

NAPHTHA: $960.50-963.50/tonne CFR Japan, up $10.50-12.50/tonne
Open-spec first-half January contracts rose in the morning, following overnight gains in crude futures.

BENZENE: $1,370-1,380/tonne FOB Korea, up $20/tonne
Prices were higher on the back of stronger Brent crude futures from the previous day’s close. A deal for a February-loading cargo was done at $1,330/tonne FOB Korea, while January-loading lots were offered at $1,365-1,380/tonne FOB Korea against bids at $1,350-1,360/tonne FOB Korea. Discussions for December-loading lots were limited.

TOLUENE: $1,265-1,275/tonne FOB Korea, up $5/tonne
Prices firmed in tandem with higher Brent crude futures from the previous day’s close. Bids for January-loading cargoes were at $1,255/tonne FOB Korea, while offers for February shipment lots at $1,260/tonne FOB Korea met bids at $1,230-1,240/tonne FOB Korea. March-loading lots were offered at $1,250/tonne FOB Korea against bids at $1,220-1,235/tonne FOB Korea.

ETHYLENE: $1,200-1,250/tonne CFR NE Asia, stable
Some buyers shunned offers at $1,250/tonne CFR NE Asia and lowered their buying ideas to below $1,200/tonne CFR Taiwan for December-arrival cargoes, citing affordability issues given poor derivative market conditions.   

PROPYLENE: $1,350-1,360/tonne CFR NE Asia, stable
Buying ideas for December cargoes were capped at $1,350/tonne CFR NE Asia, although sellers made offers at $1,360/tonne CFR NE Asia or above.

By: Staff Reporter
+44 20 8652 3214

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