EVENING SNAPSHOT - Asia Markets Summary

12 December 2012 10:03  [Source: ICIS news]

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

CRUDE: Jan WTI $86.24/bbl, up 45 cents/bbl; Jan BRENT $108.63/bbl, up 62 cents/bbl
Crude futures prices firmed in the afternoon supported by a cut in OPEC oil output, primarily from Saudi Arabia, but concerns over the lack of progress in US budget talks capped the gains.

NAPHTHA: $942-944/tonne CFR Japan, down $1/tonne at the high end
Open-spec second-half January contract fell by $1/tonne at the upper end of the range in afternoon trading. The first-half February/second-half February spread traded at $7/tonne, while the second-half January/first-half February spread traded at $6.75/tonne. The second-half February/second-half March spread traded at $14.50/tonne.

BENZENE: $1,457-1,470/tonne FOB Korea, up $7/tonne at the low end
A deal was concluded for a H1 January-loading cargo at $1,457/tonne FOB Korea. Bids for February-loading cargoes were at $1,435/tonne FOB Korea, while March-loading lots were offered at $1,430-1,435/tonne FOB Korea against bids at $1,420-1,425/tonne FOB Korea.

TOLUENE: $1,390-1,410/tonne FOB Korea, down $10/tonne at the low end
Bids were lower for January-loading lots at $1,370/tonne FOB Korea. Offers for second-half January-loading lots were at $1,408/tonne FOB Korea. February-loading lots were offered at $1,390-1,400/tonne FOB Korea, meeting bids at $1,375-1,380/tonne FOB Korea. Offers for March shipment cargoes at $1,380-1,400/tonne FOB Korea met bids at $1,350-1,360/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. A 5,000-tonne northeast Asia-origin cargo for loading in the second half of December was sold at $1,250/tonne FOB Korea.

PROPYLENE: $1,305-1,320/tonne CFR NE Asia, unchanged
Selling ideas for January cargoes were heard at the low-$1,300s/tonne CFR NE Asia against buying ideas at $1,300/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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