EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Jan WTI $87.02/bbl, down 16 cents/bbl; Jan BRENT $109.72/bbl, down 15 cents/bbl
Crude futures were trading below the previous session’s close in Asian afternoon trade, with prices undermined by concerns over the US economy amid ongoing debate over the nation’s budget. Supply worries generated by Middle East tensions continued to limit downside pressure.

NAPHTHA: $941.50-943.50/tonne CFR Japan, up $2.00-3.00/tonne
Open-spec first-half January contract rebounded in the afternoon, following two physical trades. Two first-half February cargoes were traded at $932/tonne CFR Japan.

BENZENE: $1,435-1,450/tonne FOB Korea, up $5-10/tonne
January-loading cargoes were offered at $1,450/tonne FOB Korea against bids at $1,435/tonne FOB Korea, with a deal for a January-loading lot fixed at $1,440/tonne FOB Korea. February-lifting lots were offered at $1,398/tonne FOB Korea against bids at $1,385/tonne FOB Korea.

TOLUENE: $1,310-1,325/tonne FOB Korea, flat
Discussions for toluene cargoes were limited in the afternoon session as most market participants await clearer price indications.

ETHYLENE: $1,160-1,180/tonne CFR NE Asia, stable
Prices may stabilise following a recent price correction, and as a major cracker operator in South Korea is cutting production in December.

PROPYLENE: $1,320-1,340/tonne CFR NE Asia, unchanged
Selling ideas were heard at around $1,340-1,350/tonne CFR NE Asia against buying ideas at $1,300-1,320/tonne CFR NE Asia. A deal for first-half January shipment was sold at $1,330/tonne CFR China.

By: Staff Reporter
+44 20 8652 3214

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