EVENING SNAPSHOT - Asia Markets Summary

07 December 2012 10:10  [Source: ICIS news]

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

CRUDE: Jan WTI $86.30/bbl, up 4 cents/bbl; Jan BRENT $107.18/bbl, up 15 cents/bbl
Crude futures prices continued to trade above the previous day’s close, but gains were eroded by a stronger US dollar. Traders awaited the release of US jobs data later in the day.

NAPHTHA: $939.50-941.50/tonne CFR Japan, up $6.00-7.00/tonne
Open-spec second-half January contract rebounded in the afternoon, tracking higher crude values.

BENZENE: $1,465-1,495/tonne FOB Korea, down $5/tonne
Bids and offers for January loading cargoes fell.  Two deals were heard concluded for February lots – one at $1,415/tonne FOB Korea and the other at $1,425/tonne FOB Korea. The intermonth spread between the second half of December and first half of January was notionally assessed at a $5/tonne backwardation.

TOLUENE: $1,360-1,370/tonne FOB Korea, up $15-20/tonne
Although price ideas were limited for January-loading lots, higher-priced deals for forward months led to an increase in price ideas for prompt and January-loading cargoes. The intermonth spread for second-half December and first-half January was notionally assessed flat to a $5/tonne backwardation.

ETHYLENE: $1,200-1,250/tonne CFR NE Asia, up $20-30/tonne
Buying ideas were mentioned at up to $1,200/tonne CFR NE Asia for January-arrival cargoes, whereas firm offers were scant following a lone deal early this week at $1,250/tonne CFR China for a northeast Asia-origin cargo arriving in the first half of January.

PROPYLENE: $1,315-1,335/tonne CFR NE Asia, down $5/tonne at the low end
Selling ideas for late-December/early January cargoes were heard at $1,340-1,360/tonne CFR NE Asia against buying ideas at the low-$1,300/tonne CFR NE Asia levels. Two deals for January shipment were done at $1,315-1,325/tonne CFR China.

By: Staff Reporter
+44 20 8652 3214

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