EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Jan WTI $88.95/bbl, up 45 cents/bbl; Jan BRENT $110.29/bbl, up 45 cents/bbl
Crude futures prices edged higher in afternoon trade buoyed by hopes that government policies will help boost China’s economic growth in 2013.

NAPHTHA: $943.50-945.50/tonne CFR Japan, down $6.00-7.00/tonne
Open-spec second-half January contract extended losses in the afternoon, following three cash trades for delivery in the first half of February. One deal was done at $937/tonne CFR Japan, while the two others were concluded at $938/tonne CFR Japan.

BENZENE: $1,480-1,495/tonne FOB Korea, up by $25-30/tonne
Prices tracked stronger crude futures and higher buying ideas for January-loading cargoes. Bids were higher for January lots at $1,470-1,480/tonne FOB Korea but no offers were heard. The intermonth spread between second-half December and January was notionally assessed flat to a backwardation of $5/tonne.

TOLUENE: $1,330-1,355/tonne FOB Korea, up by $25-30/tonne
Bids were higher for January lots. An offer for a January lot was heard at $1,350/tonne FOB Korea against a counter-bid at $1,330/tonne FOB Korea. Offers for February-loading consignments were heard at $1,330-1,335/tonne FOB Korea against bids at $1,305-1,317/tonne FOB Korea.

ETHYLENE: $1,140-1,200/tonne CFR NE Asia, up $20/tonne at the high end
A deal was reportedly concluded at $1,250/tonne CFR China for a 3,000- to 3,500-tonne northeast Asia-origin cargo for arrival in the first half of January but this could not be confirmed. Majority of buyers capped bids at below $1,150/tonne CFR NE Asia.

PROPYLENE: $1,300-1,330/tonne CFR NE Asia, stable
Selling ideas for late December/early January cargoes were heard at $1,330-1,350/tonne CFR NE Asia against buying ideas at $1,300-1,320/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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