EVENING SNAPSHOT - Asia Markets Summary

18 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 $87.70/bbl, up 50 cents/bbl; Feb BRENT $108.14/bbl, up 50 cents/bbl
Crude futures prices continued to trade in the afternoon above the previous session’s close, buoyed by positive news in US budget talks.

NAPHTHA: $951.50-953.50/tonne CFR Japan, down $1.50-2.50/tonne
Open-spec first-half February contract weakened in afternoon trading because of a physical trade. Glencore sold the second-half February/first-half March spread to Trafigura at $7.50/tonne.

BENZENE: $1,473-1,485/tonne FOB Korea, up $5-8/tonne
Prices increased on expectations of tight supply for February-loading cargoes. February-loading lots were offered at $1,485/tonne FOB Korea, meeting bids at $1,470-1,473/tonne FOB Korea. The intermonth spread for second-half January-loading lots and first-half February-loading lots was said to be at parity. A deal for a March-loading cargo was fixed at $1,460/tonne FOB Korea.

TOLUENE: $1,355-1,380/tonne FOB Korea, $20-30/tonne lower
Prices fell, in line with softer values in China’s domestic market and amid weak buying sentiment. February-loading lots were offered at $1,375/tonne FOB Korea while March-loading lots were offered at $1,380/tonne FOB Korea against bids at $1,350-1,355/tonne FOB Korea.

ETHYLENE: $1,270-1,300/tonne CFR NE Asia, up $20/tonne at the low end
Buying interests – mainly from China – were in the mid- to high-$1,200/tonne CFR NE Asia levels for January shipments, but sellers were not keen to offload cargoes at below $1,300/tonne CFR NE Asia.

PROPYLENE: $1,300-1,320/tonne CFR NE Asia, stable
Sporadic 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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