26 December 2012 04:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Wednesday’s midday Asia oil and chemical market summary from ICIS.
CRUDE: WTI FEB $88.95/bbl, up 34 cents; BRENT FEB $109.29/bbl, up 49 cents
Crude prices rose in the morning session ahead of a planned meeting by US lawmakers later this week for talks aimed at avoiding a fiscal crisis.
NAPHTHA: $960.50-963.50/tonne CFR Japan, up $4-5/tonne
Open-spec first-half February naphtha contract rose in morning trading on the back of rising crude futures.
BENZENE: $1,445-1,460/tonne FOB Korea, unchanged
Prices were assessed as flat amid a quiet market. A sole bid for February-loading lots was at $1,440/tonne FOB Korea, but this price level did not attract any offers.
TOLUENE: $1,345-1,355/tonne FOB Korea, flat
No price indications were heard in the morning as most market participants were still away on holiday.
ETHYLENE: $1,280-1,300/tonne CFR NE Asia, stable
The CFR NE Asia market was quiet as most buyers were covered for January. In the FOB SE Asia market, selling ideas for January loading parcels were heard at above $1,300/tonne FOB SE Asia amid high feedstock naphtha costs.
PROPYLENE: $1,285-1,310/tonne CFR NE Asia, steady
Buying ideas remained at below $1,300/tonne CFR NE Asia while no deals were heard as key market players had just returned from holidays in the region.
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