NOON SNAPSHOT - Asia Markets Summary

04 January 2013 04:15  [Source: ICIS news]

CRUDE: WTI Feb $92.27/bbl, down 65 cents; BRENT Feb $111.43/bbl, down 71 cents
Crude futures softened on Friday morning with prices eroded by a firmer US dollar and expectation of further wrangling over the US budget. However, some downside pressure was offset by a much-larger-than-expected drawdown in US crude inventories revealed in industry data.

NAPHTHA: $968-971/tonne CFR Japan, down $1/tonne low end
Open-spec second-half February contract softened at the low end of the range on Friday morning. However, tight supply and strong demand helped limit the crude-led price loss.

BENZENE: $1,470-1,485/tonne FOB Korea, down $5/tonne low end
Prices fell at the low end of the range, in the presence of lower bids for February cargoes at $1,465-1,470/tonne FOB Korea. An offer for second-half January parcel was at $1,490/tonne FOB Korea, but there were no takers.

TOLUENE: $1,355-1,370/tonne FOB Korea, down $5/tonne
Market opened with a soft note, undermined by a lower offer quoted for second-half January shipment at $1,370/tonne FOB Korea. Bids for February cargoes were at $1,350/tonne FOB Korea in the absence of sellers.

ETHYLENE: $1,290-1,310/tonne CFR NE Asia, stable
A regional trader said it had received inquiries from Chinese end-users at below $1,300/tonne CFR NE Asia but it was targeting sales at above $1,300/tonne CFR NE Asia.

PROPYLENE: $1,290-1,310/tonne CFR NE Asia, stable
Selling ideas were unchanged at the low-$1,300s/tonne CFR NE Asia while sporadic buying interest was at the high-$1,200s/tonne to $1,300/tonne CFR Ne Asia.

By: Staff Reporter
+44 20 8652 3214

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