EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Feb WTI $93.23/bbl, down 5 cents/bbl; Feb BRENT $110.47/bbl, up 17 cents/bbl
Crude futures gave back gains made earlier in the day. US crude futures were trading a few cents below the previous close, while ICE Brent futures were slightly higher. Crude prices were under pressure amid a stronger US dollar and sharp falls in the Japanese equity markets amid concerns over the weakness of the yen.

NAPHTHA: $949-951/tonne CFR Japan, down $5-6/tonne
Open-spec second-half February contract fell in afternoon trading on rising supply from the West.

BENZENE: $1,375-1,385/tonne FOB Korea, unchanged
Discussions were limited for February-loading cargoes. A deal for a March-loading lot was concluded at $1,375/tonne FOB Korea.

TOLUENE: $1,290-1,292/tonne FOB Korea, down $3/tonne at the high end
Prices fell on weak demand. An offer for second half-February at $1,292/tonne FOB Korea did not attract buying interest. Offers for March ranged between $1,295-1,305/tonne FOB Korea, with counter bids at $1,255-1,295/tonne FOB Korea. The intermonth spread between second-half February and March was at a contango of $5-8/tonne.

ETHYLENE: $1,340-1,370/tonne CFR NE Asia, steady
A tender to sell a 3,500-5,000-tonne cargo from Taiwan, for loading in the second half of January to mid-February, issued during the week will close on the morning of 17 January. No CFR trades were heard.

PROPYLENE: $1,320-1,340/tonne CFR NE Asia, stable
Buying ideas were heard at $1,300-1,330/tonne CFR NE Asia against selling ideas at close to $1,350/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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