NOON SNAPSHOT - Asia Markets Summary

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

SINGAPORE (ICIS)--Here is Tuesday’s midday Asia oil and chemical markets summary.

CRUDE: Feb WTI $93.16/bbl, down 3 cents/bbl; Feb BRENT $111.43/bbl, up 3 cents/bbl
Crude futures were rangebound in morning trading. Attention was focused on the Seaway pipeline expansion, which will be completed later in the week. The pipeline expansion will help reduce the build-up of crude at Cushing terminal in Oklahoma.

NAPHTHA: $966.00-969.00/tonne CFR Japan, up $5.50-6.50/tonne
Open-spec second-half February contract rose in morning trading on the back of tightening supply and rising Chinese petrochemical demand ahead of the Lunar New Year in February.

BENZENE: $1,460-1,470/tonne FOB Korea, down $10/tonne
Market opened on a soft note, undermined by lower bids and offers for March and in line with weaker prices in the European and US markets overnight. Offers for March shipments were at $1,445-1,450/tonne FOB Korea, against bids at $1,410-1,430/tonne FOB Korea.

TOLUENE: $1,370-1,380/tonne FOB Korea, up $5/tonne
Prices gained marginally, buoyed by higher offers for February parcels at $1,380-1,385/tonne FOB Korea. Offers for March lots were at $1,375/tonne FOB Korea, but there were no bidders.    

ETHYLENE: $1,290-1,310/tonne CFR NE Asia, stable
No CFR NE Asia trades were heard, while selling ideas were maintained at above $1,300/tonne CFR NE Asia.

PROPYLENE: $1,300-1,330/tonne CFR NE Asia, unchanged
Buying ideas were stable at the low-$1,300/tonne CFR NE Asia levels for first-half February arrival against selling ideas at the low-to-mid-$1,300/tonne CFR NE Asia levels.

By: Staff Reporter
+44 20 8652 3214

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