04 December 2012 04:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Tuesday’s midday Asia oil and chemical markets summary.
CRUDE: Jan WTI $88.81/bbl, down 28 cents/bbl; Jan BRENT $110.73/bbl, down 19 cents/bbl
Crude futures prices softened in morning trade, undermined by weak US manufacturing data. Downside was limited by ongoing Middle East tensions.
NAPHTHA: $960-963/tonne CFR Japan, down $2-3/tonne
Open-spec second-half January contract eased in morning trading on the back of lower crude futures.
BENZENE: $1,440-1,451/tonne FOB Korea, up by $6/tonne
Buying ideas for January-loading lots strengthened. A bid for January-loading cargo was heard at $1,440/tonne FOB Korea. Offers for February lots were at $1,403-1,420/tonne FOB Korea, with counter-bids at $1,393-1,400/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, stable
Discussions for January-loading lots were few. 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, flat
Buying ideas for a 3,000- to 3,500-tonne cargo are quoted at $1,100-1,120/tonne CFR Taiwan for second half of December arrival amid subdued buying interest. Firm offers remained elusive.
PROPYLENE: $1,300-1,330/tonne CFR NE Asia, unchanged
Sporadic selling ideas were heard at $1,330/tonne CFR NE Asia against buying ideas at $1,300/tonne CFR NE Asia.
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