NOON SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Feb WTI $93.92/bbl, down 32 cents/bbl; Mar BRENT $109.48/bbl, down 20 cents/bbl
Crude futures were trading fell in the morning trade amid a firmer US dollar. Crude values had firmed in the previous session buoyed by an unexpected fall in US crude inventories. February ICE Brent contract expired on Wednesday.

NAPHTHA: $939.50-942.50/tonne CFR Japan, down $8.50-9.50/tonne
Open-spec first-half March contract fell in morning trading, undermined by rising inflows of deep-sea cargoes from the West.

BENZENE: $1,400-1,410/tonne FOB Korea, up $25/tonne                                   
Discussion levels increased for March cargoes, buoyed by overnight gains in the US and European markets. Offers for March lots were at $1,410/tonne FOB Korea, against bids at $1,390-1,395/tonne FOB Korea

TOLUENE: $1,295-1,300/tonne FOB Korea, up $5-8/tonne
Market opened with an upbeat sentiment, supported by expectations that prices have bottomed out. Bids for March lots were at $1,285-1,300/tonne FOB Korea, with offers at $1,305/tonne FOB Korea.

ETHYLENE: $1,340-1,370/tonne CFR NE Asia, steady
A 3,000-tonne spot cargo was sold at $1,295/tonne FOB Japan for second-half February lifting. Selling ideas at $1,400/tonne CFR NE Asia or above failed to attract interest.

PROPYLENE: $1,320-1,340/tonne CFR NE Asia, stable
A wide buy-sell gap continued to hamper trade. Buying ideas remained at the low-$1,300/tonne CFR NE Asia levels, and selling targets at $1,350/tonne CFR NE Asia and above attracted lukewarm interest.

By: Staff Reporter
+44 20 8652 3214

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