22 November 2012 04:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Thursday’s midday Asia oil and chemical markets summary.
CRUDE: Jan WTI $87.58/bbl, up 20 cents/bbl; Jan BRENT $110.90/bbl, up 4 cents/bbl
Crude futures strengthened in Asian morning trade, supported by a softer US dollar, and an unexpected fall in US crude stocks. Upside pressure was tempered by a ceasefire between Israel and Hamas forces in Gaza and Eurozone debt crisis.
NAPHTHA: $943.50-946.50/tonne CFR Japan, down $1.50-2.50/tonne
Open-spec first-half January contract edged down in the morning, shrugging off higher crude futures amid rising naphtha supply.
BENZENE: $1,370-1,390/tonne FOB Korea, up $5/tonne
Bids and offers were higher amid persistently tight supply. January-loading lots were offered at $1,365-1,370/tonne FOB Korea against bids at $1,350-1,362/tonne FOB Korea.
TOLUENE: $1,277-1,283/tonne FOB Korea, stable
Discussions were limited as most market players preferred to keep inventories lean for year-end accounting purposes. Buying sentiment is also weak as most buyers await clearer price directions.
ETHYLENE: $1,190-1,230/tonne CFR NE Asia, flat
A deal was done at $1,230/tonne CFR China for a 3,500-4,000 tonne northeast Asia-origin cargo for end-December arrival, after bids of $1,200/tonne CFR China were rejected. Buying ideas for early-January arrivals were lowered to below $1,200/tonne CFR China.
PROPYLENE: $1,350-1,355/tonne CFR NE Asia, stable
Selling ideas for December cargoes were at around $1,360/tonne CFR NE Asia against buying ideas at $1,330-1,340/tonne CFR NE Asia.
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