EVENING SNAPSHOT - Asia Markets Summary

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

SINGAPORE (ICIS)--Here is Thursday’s end-of-day Asia oil and chemical market summary from ICIS.

CRUDE: WTI Feb $91.23/bbl, up 25 cents; BRENT Feb $111.02/bbl, down 5 cents
Brent crude prices edged lower on Thursday afternoon while US WTI crude futures made modest gains amid uncertainty as to whether US lawmakers will reach an agreement on the US budget before the 1 January deadline.

NAPHTHA: $980.50-982.50/tonne CFR Japan, down $1/tonne high end
Open-spec first-half February contract softened by $1/tonne at the high end of the range following sharp gains earlier in the session. The contract was stable at the low end of the range. No cash trades were heard done.

BENZENE: $1,465-1,475/tonne FOB Korea, up $10/tonne
Prices rebounded in the afternoon session, tracking the firmer US WTI crude futures. Bids for February and March cargoes were higher at $1,455-1,460/tonne FOB Korea and $1,445-1,450/tonne FOB Korea respectively. Intermonth spread between January and February remained at a backwardation of $10/tonne, market sources said.

TOLUENE: $1,345-1,352/tonne FOB Korea, up $5/tonne
Prices restored losses towards the close of trades, supported by higher bids for February parcels at $1,340-1,345/tonne FOB Korea. Intermonth spread between February and March turned into a contango of $5/tonne.

ETHYLENE: $1,280-1,300/tonne CFR NE Asia, stable
Selling ideas were heard at as high as $1,330-1,340/tonne CFR NE Asia but buying ideas remained at below $1,300/tonne CFR NE Asia.

PROPYLENE: $1,290-1,310/tonne CFR NE Asia, stable
Selling ideas at $1,315-1,320/tonne CFR NE Asia were met with buying interest at $1,280-1,290/tonne CFR NE Asia for second-half January arrival.

By: Staff Reporter
+44 20 8652 3214

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