NOON SNAPSHOT - Asia Markets Summary

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

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

CRUDE: WTI Feb $92.80/bbl, down 32 cents; BRENT Feb $112.18/bbl, down 29 cents
Crude futures softened on Thursday morning, undermined by a firmer US dollar. Crude prices had strengthened in the previous session with ICE Brent settling at its highest level since mid-October on the back of news that US lawmakers had finally approved a US budget plan.

NAPHTHA: $973-976/tonne CFR Japan, up $2/tonne
Open-spec second-half February contract rose in the morning trading because of overnight gains in US crude futures.

BENZENE: $1,478-1,488/tonne FOB Korea, down $4/tonne
Market opened with a weak note, with limited bids and offers because of weaker WTI crude futures. Bids for February cargoes fell to $1,478/tonne FOB Korea. An offer for March lots was at $1,470/tonne FOB Korea.

TOLUENE: $1,360-1,375/tonne FOB Korea, stable
Prices were steady from 2 January close, with offers for February cargoes at $1,375-1,380/tonne FOB Korea but there were no counter bids. Bids for March parcels were at $1,360-1,365/tonne FOB Korea.

ETHYLENE: $1,290-1,310/tonne CFR NE Asia, up $10/tonne at low end
Limited spot supply from Asia and the Middle East kept selling ideas at as high as around $1,350/tonne CFR NE Asia but sporadic buying interest from some end-users remained at below $1,300/tonne CFR NE Asia.

PROPYLENE: $1,290-1,310/tonne CFR NE Asia, stable
No CFR trades were heard amid the ongoing New Year holiday in China. However, selling ideas for February shipments were heard at above $1,260/tonne FOB Korea against buying interest at around $1,230/tonne FOB Korea, market sources said.

By: Staff Reporter
+44 20 8652 3214

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