EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Jan WTI $87.32/bbl, down 6 cents/bbl; Jan BRENT $110.47/bbl, down 39 cents/bbl
Crude futures softened in afternoon trade, giving back gains made earlier in the day amid an easing of supply concerns following a ceasefire between Israel and Hamas forces in Gaza. Downward pressure was offset by an HSBC report indicating China’s manufacturing activity had risen in November.

NAPHTHA: $936.00-938.00/tonne CFR Japan, down $7.50-8.50/tonne
Open-spec first-half January contract deepened losses in the afternoon, tracking lower Brent crude futures. The deals for two physical cargoes were done at $929/tonne CFR Japan for second-half January and at $925/tonne CFR Japan for first-half February. The intermonth spread between the first half of January and the first half of February contracts weakened to $12/tonne in backwardation, from $14.50/tonne in backwardation on Wednesday.

BENZENE: $1,372-1,390/tonne FOB Korea, up $2/tonne at the low end
Bids for January-loading cargoes were at $1,365-1,367/tonne FOB Korea. Two deals for February-loading lots were concluded at $1,325/tonne FOB Korea and $1,330/tonne FOB Korea.

TOLUENE: $1,285-1,295/tonne FOB Korea, up $8-12/tonne
Bids and offers were higher amid the existing tight supply. The buy-sell range for January-loading cargoes was heard at $1,280-1,290/tonne FOB Korea, but no deal was reached as most market participants were hesitant to purchase cargoes.

ETHYLENE: $1,180-1,210/tonne CFR NE Asia, down $10-20/tonne
Selling interest for second half of December delivery cargoes emerged at around $1,190/tonne CFR Taiwan/China versus buying ideas at $1,150/tonne CFR, with buyers adopting a wait-and-see stance, with supply outstripping demand.

PROPYLENE: $1,340-1,350/tonne CFR NE Asia, down by $5-10/tonne
Selling ideas for December cargoes were at around $1,350/tonne CFR NE Asia against buying ideas at $1,330-1,340/tonne CFR NE Asia. A deal was heard done at $1,340/tonne CFR China.

By: Staff Reporter
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