EVENING SNAPSHOT - Asia Markets Summary

14 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 $94.06/bbl, up 50 cents/bbl; Feb BRENT $111.24/bbl, up 60 cents/bbl
Crude futures continued to trade above the previous session’s close in Asian afternoon trade, supported by a weaker US dollar and Middle East tensions.

NAPHTHA: $943-945/tonne CFR Japan, down $9-10/tonne
Open-spec second-half February contract extended losses in afternoon trading following news of rising arbitrage imports from the West.

BENZENE: $1,375-1,380/tonne FOB Korea, up $5-10/tonne
Two deals were concluded for March shipments – one at $1,355/tonne FOB Korea and the other at $1,365/tonne FOB Korea. The market remained in backwardation, with the intermonth spread at about $10/tonne.

TOLUENE: $1,292-1,310/tonne FOB Korea, down $8/tonne at the low end
Prices were weighed down by persistently low bids for February and March cargoes. Bids for March parcels were at $1,305/tonne FOB Korea at close of trade. The intermonth spread between second-half of February and March was at a contango of $5-10/tonne.

ETHYLENE: $1,340-1,370/tonne CFR NE Asia, up $10/tonne at the high end
Selling notions for second-half February-arrival cargoes were quoted at $1,350/tonne FOB Taiwan or $1,420/tonne CFR NE Asia versus sporadic bids at $1,300/tonne FOB Taiwan or $1,370/tonne CFR China. No deals were heard.

PROPYLENE: $1,330-1,340/tonne CFR NE Asia, stable
Sporadic selling ideas were heard at around $1,350/tonne CFR NE Asia against buying ideas at the low-$1,300/tonne CFR NE Asia levels.

By: Staff Reporter
+44 20 8652 3214

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