13 December 2012 04:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Thursday’s midday Asia oil and chemical markets summary.
CRUDE: Jan WTI $86.52/bbl, down 25 cents/bbl; Jan BRENT $109.07/bbl, down 43 cents/bbl
Crude futures prices weakened in the morning after data revealed a further unexpected build in US crude stocks. Crude had gained ground in the previous session amid expectations of further monetary stimulus in the US, and after the International Energy Agency raised its forecast growth for oil demand in 2013.
NAPHTHA: $942-945/tonne CFR Japan, stable at the low end/up $1 at the high end
Open-spec second-half January contract rose by $1/tonne at the upper end of the range on morning trading despite lower crude futures. Strong spot demand from South Korea helped underpin naphtha prices.
BENZENE: $1,457-1,470/tonne FOB Korea, unchanged
Two deals were concluded for March-loading cargoes at $1,440/tonne FOB Korea. February-loading lots were offered at $1,465/tonne FOB Korea against bids at $1,440/tonne FOB Korea. A sole bid for second-half January-loading cargoes at $1,430/tonne FOB Korea failed to attract offers.
TOLUENE: $1,390-1,410/tonne FOB Korea, stable
February-loading lots were offered at $1,400/tonne FOB Korea against bids at $1,380/tonne FOB Korea, while March-loading lots were offered at $1,400/tonne FOB Korea, meeting bids at $1,375/tonne FOB Korea.
ETHYLENE: $1,230-1,280/tonne CFR NE Asia, up $30/tonne
Sporadic selling ideas were heard at above $1,300/tonne CFR NE Asia against buying ideas at the low-$1,200/tonne CFR NE Asia levels or below.
PROPYLENE: $1,300-1,310/tonne CFR NE Asia, down $5-10/tonne
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. A number of deals for January shipments were concluded at $1,300-1,307/tonne CFR China.
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