EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Feb WTI $93.17/bbl, down 2 cents/bbl; Feb BRENT $111.37/bbl, down 3 cents/bbl
Crude futures were trading a few cents lower in the afternoon trade as traders awaited the release of December trade data from China.

NAPHTHA: $965.50-967.50/tonne CFR Japan, down $0.50-1.50/tonne
Open-spec second-half February contract pulled back from earlier gains in afternoon trading because of softer crude futures. The spread between first-half March and first-half April contracts was done at a backwardation of $17/tonne. The second-half March/second-half April spread was also done at $17/tonne in backwardation.

BENZENE: $1,435-1,445/tonne FOB Korea, down $25/tonne
Prices fell further in the afternoon session, tracking sharp losses in the downstream styrene monomer (SM) markets. Offers for March shipments were at $1,427/tonne FOB Korea, against bids at $1,400-1,420/tonne FOB Korea.

TOLUENE: $1,355-1,365/tonne FOB Korea, down $15/tonne
Prices reversed their morning gains, as offers turned lower. Offers for February parcels retreated by $20/tonne to $1,360/tonne FOB Korea, with limited bids. Offers for March shipments were at $1,360/tonne FOB Korea, against bids at $1,345-1,352/tonne FOB Korea.       

ETHYLENE: $1,300-1,320/tonne CFR NE Asia, up $10/tonne
Firmer feedstock naphtha prices and limited supply in the region kept selling ideas above $1,300/tonne CFR NE Asia. Discussions are expected to kick off later in the week.

PROPYLENE: $1,300-1,330/tonne CFR NE Asia, stable
Selling ideas at $1,330-1,350/tonne CFR NE Asia were generally met with buying interest at the low-$1,300/tonne CFR NE Asia levels.

By: Staff Reporter
+44 20 8652 3214

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