EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Jan WTI $85.84/bbl, up 28 cents/bbl; Jan BRENT $107.99/bbl, up 66 cents/bbl
Crude futures prices strengthened, supported by Middle East tensions and a softer US dollar, but gains were tempered by US budget worries and concerns over political problems in Italy.

NAPHTHA: $941.00-943.00/tonne CFR Japan, down $3.50-4.50/tonne
Open-spec second-half January contract extended losses in the afternoon following two trades. The first-half February/first-half March spread was done at $13.50/tonne while the second-half January/second-half February spread was done at $13/tonne.

BENZENE: $1,450-1,470/tonne FOB Korea, up $9/tonne at the low end
Higher bids for February-loading lots at $1,445/tonne FOB Korea from traders trying to cover their short positions pushed prices up. Offers for February-loading cargoes were at $1,460/tonne FOB Korea. A deal for a March-loading cargo was fixed at $1,430/tonne FOB Korea.

TOLUENE: $1,380-1,390/tonne FOB Korea, up $20/tonne
Prices rose on the back of short-covering activities. Higher domestic Chinese prices also supported the price increase. January-loading cargoes were offered at $1,400/tonne FOB Korea, while bids were at $1,370/tonne FOB Korea.

ETHYLENE: $1,200-1,250/tonne CFR NE Asia, stable
Sporadic selling ideas were heard at above $1,250/tonne CFR NE Asia against buying ideas at $1,200/tonne CFR NE Asia or below.

PROPYLENE: $1,305-1,320/tonne CFR NE Asia, down $5/tonne at the high end
Selling ideas for January cargoes were heard at the low $1,300/tonne CFR NE Asia levels against buying ideas at $1,300/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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