EVENING SNAPSHOT - Asia Markets Summary

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

SINGAPORE (ICIS)--Here is Friday’s end-of-day Asia oil and chemical market summary from ICIS.

CRUDE: WTI JAN $87.10/bbl down, 28 cents; BRENT JAN $110.35/bbl, down 20 cents
Crude futures continued to trade below the previous session close amid an easing of supply fears following the continued ceasefire between Israel and Hamas. Concerns over the ability of eurozone leaders to reach an agreement on the region’s budget added further downward pressure, but this was offset by support generated from a weaker US dollar.

NAPHTHA: $936-937/tonne CFR Japan, up $2-4/tonne
Open-spec first-half January contract pared losses in the afternoon following news of a much lighter cracker turnaround next year that would help boost demand. However, continuous crude losses capped price gains.

BENZENE: $1,410-1,420/tonne FOB Korea, up $30-38/tonne
A deal for a January-loading lot was fixed at $1,405/tonne FOB Korea, while three deals for February-loading cargoes were sold at $1,358/tonne, $1,365/tonne and $1,367/tonne FOB Korea respectively. Meanwhile, January-loading cargoes were offered at $1,400-1,415/tonne FOB Korea against bids at $1,380-1,400/tonne FOB Korea.

TOLUENE: $1,315-1,320/tonne FOB Korea, up $35-40/tonne
A cargo for February-loading was sold at $1,280/tonne FOB Korea, while January-loading lots were offered at $1,315/tonne FOB Korea, against bids at $1,290-1,300/tonne FOB Korea.

ETHYLENE: $1,160-1,180/tonne CFR NE Asia, stable
Another 3,500 tonne cargo changed hands at $1,170/tonne CFR China for arrival in the second half of December. The cargo origin was not specified but it was likely to be northeast Asian.

PROPYLENE: $1,340-1,350/tonne CFR NE Asia, stable
Selling ideas for late December or early January shipment were at around $1,360/tonne CFR NE Asia against buying ideas at $1,330-1,340/tonne CFR NE Asia. A deal for early January shipment was done at $1,340/tonne CFR China.


By: Staff Reporter
+44 20 8652 3214



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