EVENING SNAPSHOT - Asia Markets Summary

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

SINGAPORE (ICIS)--Here is Monday’s end-of-day Asia oil and chemical markets summary.

CRUDE: Feb WTI $92.80/bbl, down 29 cents/bbl; Feb BRENT $111.23/bbl, down 8 cents/bbl
Crude futures edged lower in the afternoon, undermined by a stronger US dollar. But downward pressure was offset by hopes of recovery in the US and China, following the release of encouraging data from the world’s two biggest economies.

NAPHTHA: $960.50-962.50/tonne CFR Japan, up $2-3/tonne
Open-spec second-half February contract rose in afternoon trading, shrugging off global crude losses, on the back of rising downstream petrochemical demand. The first-half March naphtha contract was done at $953/tonne CFR Japan, while the spread between first-half March and first-half April contracts was done at $16/tonne in backwardation. The spread between second-half February and second-half March contracts was done at a backwardation of $16.50/tonne.

BENZENE: $1,470-1,480/tonne FOB Korea, down $5/tonne
Two fixtures for March shipments were concluded – one at $1,454/tonne FOB Korea and another at $1,455/tonne FOB Korea. The market for February and March was at a $20/tonne backwardation.

TOLUENE: $1,365-1,375/tonne, up $5/tonne
A deal was reported at $1,375/tonne FOB Korea for February shipments. Offers for March shipments were at $1,375/tonne FOB Korea, against bids at $1,370/tonne FOB Korea.

ETHYLENE: $1,290-1,310/tonne CFR NE Asia, stable
Buyers were mostly covered for January and were awaiting offers for February shipments. Sporadic buying interest remained at $1,300/tonne CFR NE Asia and below.

PROPYLENE: $1,300-1,330/tonne CFR NE Asia, up $10-20/tonne
Selling ideas were at the low-to-mid-$1,300/tonne CFR NE Asia levels for February shipments, while buying ideas from some end-users hovered at close to $1,300/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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