EVENING SNAPSHOT - Asia Markets Summary

04 December 2012 10:00  [Source: ICIS news]

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

CRUDE: WTI Jan $89.01/bbl, down 8 cents; BRENT Jan $110.66/bbl, down 26 cents
Crude futures continued to trade below the previous close on Tuesday afternoon amid concerns over the US economy following the release of weak manufacturing data and the lack of progress in US budget talks. Downside pressure was moderated by ongoing Middle East tensions.

NAPHTHA: $956.50-958.50/tonne CFR Japan, down $3.50-4.50/tonne
Open-spec second-half January contracts extended crude-led losses in afternoon trading. A deal was concluded at $951/tonne CFR Japan for first-half February delivery.

BENZENE: $1,455-1,465/tonne FOB Korea, up by $14-15/tonne
Asia benzene prices were assessed as higher on the back of higher-priced discussions for January-loading lots. Bids for January-loading cargoes were at $1,440-1,455/tonne FOB Korea. An offer for January-loading cargo was heard at $1,480/tonne FOB Korea. Two deals were heard concluded for February-loading cargoes at $1,403/tonne FOB Korea and $1,412/tonne FOB Korea.

TOLUENE: $1,305-1,325/tonne FOB Korea, down $1/tonne at low end, up $5/tonne at high end
Spot toluene prices widened on the back of bids and offers for January-loading cargoes. Cargoes loading in January were heard offered at $1,325/tonne FOB Korea, with counter-bids at $1,305/tonne FOB Korea. The intermonth spread for second-half December and first-half January was notionally assessed at a $5/tonne backwardation, according to market participants.

ETHYLENE: $1,140-1,180/tonne CFR NE Asia, down $10/tonne
Selling indications for Middle East-origin cargoes at $1,150-1,160/tonne CFR China for end-December/early-January arrival met bids capped at $1,100-1,120/tonne CFR China/Taiwan.

PROPYLENE: $1,300-1,330/tonne CFR NE Asia, stable
Sporadic offers for late December shipment were heard at $1,330-1,340/tonne CFR NE Asia against buying ideas at around $1,300/tonne CFR NE Asia.


By: Staff Reporter
+44 20 8652 3214

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