NOON SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Jan WTI $86.56/bbl, up 30 cents/bbl; Jan BRENT $107.33/bbl, up 30 cents/bbl
Crude futures prices strengthened in the morning trade after substantial losses made the previous day. Crude prices fell on Thursday after the US Government data revealed large increases in domestic oil product stocks.

NAPHTHA: $932.50-935.50/tonne CFR Japan, down $11.00-12.00/tonne
Open-spec second-half January contract fell in morning trading, on the back of deep losses in overnight crude futures.

BENZENE: $1,470-1,500/tonne FOB Korea, stable
Discussions were thin for January-loading cargoes. Bids for January/February spread were at $35-40/tonne, and those for February/March were at 15-20/tonne. The intermonth spread between second-half December and first-half January was notionally flat to a $5/tonne backwardation.

TOLUENE: $1,340-1,355/tonne FOB Korea, steady
Discussions for January cargoes were limited. A sole offer for a January-loading lot was heard at $1,360/tonne FOB Korea. The intermonth spread for second-half December and first-half January was notionally assessed flat to a $5/tonne backwardation.

ETHYLENE: $1,170-1,230/tonne CFR NE Asia,  up $20-30/tonne
Selling notions for January arrival cargoes were firmer at $1,170-$1,250/tonne CFR NE Asia on an expected tightening of regional supply, but buying ideas were capped at $1,150-1,200/tonne CFR NE Asia.

PROPYLENE: $1,320-1,335/tonne CFR NE Asia, stable
Selling ideas for late-December/early January cargoes were heard at $1,350-1,360/tonne CFR NE Asia against buying ideas at the low $1,300s/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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