NOON SNAPSHOT - Asia Markets Summary

02 January 2013 04:00  [Source: ICIS news]

SINGAPORE (ICIS)--Here is Wednesday’s midday Asia oil and chemical market summary from ICIS.

CRUDE: WTI Feb $92.39/bbl, up 57 cents; BRENT Feb $111.60/bbl, up 49 cents
Crude futures strengthened on Wednesday morning, supported by news that US lawmakers have moved closer to an agreement on the US budget and thus avoid the “fiscal cliff” of tax increases and spending cuts.

NAPHTHA: $955-958/tonne CFR Japan, down $2/tonne
Open-spec first-half February contract eased in morning trading on the back of concerns of soft petrochemical demand in the short term.

BENZENE: $1,482-1,492/tonne, up $7-12/tonne                                                     
Prices gained marginally, tracking the higher crude futures. Bids for February parcels were higher from 31 December close at $1,477/tonne FOB Korea, while bids for March cargoes were unchanged at $1,450-1,455/tonne FOB Korea

TOLUENE: $1,357-1,367/tonne, up $5/tonne low end
Prices narrowed on the back of higher bids for March shipments at $1,350-1,360/tonne FOB Korea. A counter offer for a bid at $1,350/tonne FOB Korea for March parcels was at $1,355/tonne FOB Korea.

ETHYLENE: $1,280-1,300/tonne CFR NE Asia, stable
Selling ideas for February-loading parcels were heard at a high of $1,300/tonne FOB NE Asia but discussions have yet to kick off amid the New Year holiday this week. No CFR trades were heard.

PROPYLENE: $1,290-1,310/tonne CFR NE Asia, stable
Buying ideas were generally unchanged at the high-$1,200s/tonne to $1,300/tonne CFR NE Asia for second-half January arrival while selling ideas were above $1,300/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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