EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Jan WTI $88.15/bbl, up 22 cents/bbl; Feb BRENT $109.34/bbl, up 50 cents/bbl
Crude futures prices gained further ground in the afternoon, supported by a weaker US dollar and growing expectations that US lawmakers will be able to reach an agreement on the US budget.

NAPHTHA: $951.50-953.50/tonne CFR Japan, down $4.50-5.50/tonne
Open-spec first-half February contract reversed earlier gains in afternoon trading following two physical trades. The second-half February contract traded at $945/tonne CFR Japan, while the first-half March contract was done at $938/tonne CFR Japan.

BENZENE: $1,485-1,495/tonne FOB Korea, up $5-10/tonne
A deal for a March-loading cargo was fixed at $1,477/tonne FOB Korea, while February-loading lots were offered at $1,495-1,497/tonne FOB Korea against bids at $1,475/tonne FOB Korea. Another deal was concluded at $1,485/tonne CFR Singapore for a cargo arriving in January.

TOLUENE: $1,355-1,380/tonne FOB Korea, unchanged
Discussions remained limited as most South Korean market participants were away from the market.Offers for second-half December-loading cargoes to southeast Asia, meanwhile, were at $1,440/tonne CFR SE Asia, while bids were in the range of $1,400-1,410/tonne CFR SE Asia.

ETHYLENE: $1,270-1,300/tonne CFR NE Asia, stable
Some end-users in China were covered for January arrival and no deals were heard. Buyers were largely resisting prices at above $1,300/tonne CFR NE Asia.

PROPYLENE: $1,285-1,320/tonne CFR NE Asia, down $15/tonne at the low end
Sporadic 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 or lower. Two deals for January delivery were done at $1,285-1,295/tonne CFR China.

By: Staff Reporter
+44 20 8652 3214

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