EVENING SNAPSHOT - Asia Markets Summary

27 November 2012 10:05  [Source: ICIS news]

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

CRUDE: Jan WTI $88.10/bbl, up 36 cents/bbl; Jan BRENT $111.12/bbl, up 20 cents/bbl
Crude futures firmed in afternoon trade, with values buoyed by news that the European Union and Athens had reached a debt agreement which will enable the release of the next tranche of bailout funds for Greece.

NAPHTHA: $947.50-949.50/tonne CFR Japan, up $5.50-6.50/tonne
Open-spec first-half January contract rose in the afternoon trade, supported by higher crude futures. The intermonth naphtha weakened to a three-month low of $10.50/tonne in backwardation on the back of rising supply.

BENZENE: $1,430-1,440/tonne FOB Korea, up $15-20/tonne
Supply remained tight in Asia. A February-loading lot was sold at $1,388/tonne FOB Korea, while bids for January-loading lots were at $1,425-1,430/tonne FOB Korea. A sole bid for March-loading cargoes was at $1,350/tonne FOB Korea.

TOLUENE: $1,310-1,325/tonne FOB Korea, down $3/tonne at the low end
Bids were lower for January-loading cargoes. A deal was fixed for a February-lifting lot at $1,290/tonne FOB Korea, though discussions for December and January-loading lots were limited.

ETHYLENE: $1,160-1,180/tonne CFR NE Asia, stable
An offer at $1,200/tonne CFR China was countered with bids at $1,170/tonne CFR China for a small 2,000-tonne December-arrival cargo. No deals were heard as the buyer was not in a hurry to secure cargoes.

PROPYLENE: $1,340-1,350/tonne CFR NE Asia, steady
Sporadic selling ideas were heard at around $1,350/tonne CFR NE Asia or above, against buying ideas at $1,320-1,340/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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