EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Feb WTI $93.74/bbl, down 8 cents/bbl; Feb BRENT $111.51/bbl, down 38 cents/bbl
Crude futures softened in the afternoon trade on concerns over China’s ability to monetary policy easing tools to boost its economic growth amid increased inflationary pressure. Inflation in the world’s second biggest economy was at a seven-month high of 2.5% in December.

NAPHTHA: $960.25-962.25/tonne CFR Japan, down $12.25-13.25/tonne
Open-spec second-half February contract fell in afternoon trading because of lower crude futures and rising deep-sea supply from Europe and the US.

BENZENE: $1,365-1,375/tonne FOB Korea, down by $20-25/tonne
Market turned bearish in the afternoon session, with offers for March shipments declining to $1,365/tonne FOB Korea from $1,410/tonne FOB Korea. A deal was concluded at $1,365/tonne FOB Korea for March parcels at the close of trade.

TOLUENE: $1,300-1,310/tonne FOB Korea, down $15-20/tonne
Prices fell, in tandem with softer crude and overall aromatics market. Offers for March and second-half February cargoes were at $1,310/tonne FOB Korea, against bids at $1,290/tonne FOB Korea for March lots.

ETHYLENE: $1,340-1,360/tonne CFR NE Asia, unchanged
Selling ideas at $1,380/tonne to above $1,400/tonne CFR NE Asia were generally met with buying interest at the low- to mid-$1,300/tonne CFR NE Asia levels.

PROPYLENE: $1,330-1,340/tonne CFR NE Asia, stable
Buyers retreated to the sidelines as they were reluctant to pay $1,350/tonne CFR NE Asia or above for spot parcels.

By: Staff Reporter
+44 20 8652 3214

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