NOON SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Jan WTI $88.83/bbl, up 33 cents/bbl; Jan BRENT $110.02/bbl, up 18 cents/bbl
Crude futures prices firmed in the morning trade amid a weaker US dollar. Crude prices declined in the previous session on concerns over the US economy and eurozone debts.

NAPHTHA: $949.50-952.50/tonne CFR Japan, down $6.00-7.00/tonne
Open-spec second-half January contract weakened in morning trading on the back of overnight crude losses.

BENZENE: $1,455-1,465/tonne FOB Korea, stable
Discussions were thin for January-loading cargoes. For February-loading parcels, bids were at $1,420/tonne FOB Korea, and bids for March-loading lots were heard at $1,395/tonne FOB Korea, with no offers heard. The intermonth spread between second-half December and first half January was notionally assessed flat to a $5/tonne backwardation.

TOLUENE: $1,305-1,325/tonne FOB Korea, steady
There were limited discussions for January-loading lots. An offer for a February-loading cargo was heard at $1,330/tonne FOB Korea, with counter-bids at $1,305-1,312/tonne FOB Korea. The intermonth spread for second-half December and first-half January was notionally assessed at a $5/tonne backwardation.

ETHYLENE: $1,140-1,180/tonne CFR NE Asia, unchanged
Discussions are in progress to sell regional material at around $1,150/tonne CFR NE Asia for a 3,000-3,500 tonne cargo for January arrival but buyers remained on a wait-and-see mode.

PROPYLENE: $1,300-1,330/tonne CFR NE Asia, flat
Sporadic offers for late December/early January shipment were heard at around $1,330/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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