03 December 2012 04:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Monday’s midday Asia oil and chemical markets summary.
CRUDE: Jan WTI $89.19/bbl, up 28 cents/bbl; Jan BRENT $111.61/bbl, up 38 cents/bbl
Crude futures prices strengthened in the morning trade, supported by unrest in Middle East and a weaker US dollar. However, concerns over the health of the global economy and a lack of progress on the US budget limited upside pressure.
NAPHTHA: $951.50-$954.50/tonne CFR Japan, up $1.00-2.00/tonne CFR Japan
Open-spec second-half January contract edged up in morning trading, in tandem with crude futures.
BENZENE: $1,426-1,440/tonne FOB Korea, stable
Discussions were limited. No bids or offers were heard for January or February-loading lots. The intermonth spread between second-half December and first-half January was notionally assessed at a $4/tonne backwardation.
TOLUENE: $1,310-1,325/tonne FOB Korea, steady
February-loading lots were offered at $1,305-1,310/tonne FOB Korea, against a bid at $1,285/tonne FOB Korea.
ETHYLENE: $1,150-1,190/tonne CFR NE Asia, up $10/tonne at the high end
Formal ethylene price discussions were largely subdued amid an undertone of upward price pressure, as more cracker operators were considering operating rate cuts on the back of negative margins.
PROPYLENE: $1,300-1,330/tonne CFR NE Asia, unchanged
Buying ideas were heard at $1,300/tonne CFR NE Asia against few firm offers heard in the morning.
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