EVENING SNAPSHOT - Asia Markets Summary

20 November 2012 10:10  [Source: ICIS news]

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

CRUDE: Jan WTI $88.70/bbl, down 58 cents/bbl; Jan BRENT $111.24/bbl, down 46 cents/bbl
Crude futures declined in afternoon trade, undermined by the eurozone worries following a downgrade of France’s sovereign debt by credit ratings firm Moody’s.

NAPHTHA: $950.50-952.50/tonne CFR Japan, down $10.00-11.00/tonne
Open-spec first-half January contract fell in the afternoon, tracking lower crude futures. There was a physical trade done at $944/tonne for delivery in the second half of January.

BENZENE: $1,365-1,385/tonne FOB Korea, down $5/tonne at the low end, up $5/tonne at the high end
Bids turned softer against firmer offers in the afternoon. January-loading cargoes were offered at $1,370-1,380/tonne FOB Korea, while February-loading lots were offered at $1,328-1,340/tonne FOB Korea, against bids at $1,315-1,320/tonne FOB Korea.

TOLUENE: $1,270-1,280/tonne FOB Korea, up $5/tonne
Prices rose slightly amid stronger market sentiment brought about by higher crude values seen overnight. The intermonth spread between January and February was at a $15/tonne backwardation.

ETHYLENE: $1,200-1,250/tonne CFR NE Asia, steady
Some traders have withdrawn from the market following subdued buying interest at $1,250/tonne CFR NE Asia, citing negative cracker margins on the back of firm upstream naphtha values. Buying ideas were capped at $1,200/tonne CFR NE Asia and below.

PROPYLENE: $1,350-1,360/tonne CFR NE Asia, unchanged
Selling ideas for December cargoes were at $1,360/tonne CFR NE Asia or above against buying ideas at $1,330-1,350/tonne CFR NE Asia. A deal for end-December arrival cargo was heard done at $1,355/tonne CFR China.

By: Staff Reporter
+44 20 8652 3214

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