03 December 2012 10:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Monday’s end-of-day Asia oil and chemical markets summary.
CRUDE: Jan WTI $88.80/bbl, down 11 cents/bbl; Jan BRENT $111.17/bbl, down 6 cents/bbl
Crude futures prices lost ground in afternoon trade, giving back gains made earlier in the day amid concerns over the lack of progress on the US budget talks. Downward pressure was countered by improved manufacturing data from China.
NAPHTHA: $963.00-965.00/tonne, up $10.50-11.50/tonne
Open-spec second-half January contract rose in the afternoon, underpinned by stronger settlement at China’s linear low density polyethylene (LLDPE) futures market in response to an outage of petrochemical facilities in Daqing, China.
BENZENE: $1,434-1,445/tonne FOB Korea, up $5-8/tonne
Bids and offers for January-loading cargoes were higher. Offers for cargoes loading in second-half January were at $1,440/tonne FOB Korea, with counter-bids at $1,434/tonne FOB Korea. The intermonth spread for second-half December and first-half January was notionally assessed at a $4/tonne backwardation.
TOLUENE: $1,306-1,320/tonne FOB Korea, down $4-5/tonne
Bids for January-loading lots were at $1,300-1,306/tonne FOB Korea. Offers for February-loading cargoes were at $1,295-1,310/tonne FOB Korea, with counter-bids at $1,285-1,290/tonne FOB Korea. The intermonth spread for second-half December and first-half January was notionally assessed at a $5/tonne backwardation.
ETHYLENE: $1,150-1,190/tonne CFR NE Asia, stable
Buying ideas for second-half December-arrival cargoes drifted down to $1,100/tonne CFR NE Asia, but firm offers were scarce.
PROPYLENE: $1,300-1,330/tonne CFR NE Asia, steady
Most buying ideas were heard at around $1,300/tonne CFR NE Asia against few firm offers heard. Most market players are expecting prices to weaken further on soft demand.
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