EVENING SNAPSHOT - Asia Markets Summary

02 January 2013 10:00  [Source: ICIS news]

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

CRUDE: WTI Feb $92.59/bbl, up 77 cents; BRENT Feb $111.71/bbl, up 60 cents
Crude futures gained ground on Wednesday afternoon, supported by news that US lawmakers have finally approved a compromise US budget and in doing so avoided the “fiscal cliff” of tax increases and spending cuts.

NAPHTHA: $971-974/tonne CFR Japan, up $16/tonne
Open-spec second-half February contract rose in the afternoon trading because of rising crude futures.

BENZENE: $1,482-1,492/tonne FOB Korea, stable
Prices rolled over in the afternoon session. Bids for February shipments were at $1,475-1,485/tonne FOB Korea in the absence of sellers. Offers for March cargoes were at $1,475/tonne FOB Korea, which were countered at $1,460/tonne FOB Korea.

TOLUENE: $1,360-1,375/tonne, up $3-8/tonne
Prices gained further ground, buoyed by higher bids in the market at $1,360-1,365/tonne FOB Korea for February shipments and $1,360/tonne FOB Korea for March cargoes.

ETHYLENE: $1,280-1,310/tonne CFR NE Asia, up $10/tonne high end
A regional trader said it offered a spot cargo for second-half January arrival at $1,350/tonne CFR NE Asia but the bid was at the low-$1,300s/tonne CFR NE Asia. However, this could not be immediately confirmed.

PROPYLENE: $1,290-1,310/tonne CFR NE Asia, stable
Some propylene cargoes were being offered on formula basis at a premium to published CFR NE Asia prices for arrival between the second half of January to the first half of February, with negotiations underway.


By: Staff Reporter
+44 20 8652 3214



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