NOON SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Feb WTI $95.30/bbl, down 19 cents/bbl; Mar BRENT $111.03/bbl, down 7 cents/bbl
Crude futures edged lower in the morning trade, giving back some of the gains made in the previous session. Downside pressure was offset by a stronger than expected fourth-quarter growth figures from China.

NAPHTHA: $949-952/tonne CFR Japan, up $8-9/tonne
Open-spec first-half March contract rose in morning trading, following overnight gains in crude futures.

BENZENE: $1,420-1,430/tonne FOB Korea, up $20-25/tonne
The market opened on a strong note following crude’s sharp overnight gains and healthy economic data from key China market. Bids for second-half February cargoes were at $1,410-1,420/tonne FOB Korea.

TOLUENE: $1,295-1,300/tonne FOB Korea, up $5/tonne
Bids were higher for March shipments at $1,300/tonne FOB Korea. The intermonth spread between second-half February and March shipments was at $5/tonne.      

ETHYLENE: $1,350-1,370/tonne CFR NE Asia, stable
There were some spot requirements for February arrival into China but buyers remained hesitant to pay $1,400/tonne CFR NE Asia and above for spot cargoes. No trades were heard.

PROPYLENE: $1,310-1,330/tonne CFR NE Asia, down $10/tonne at the high end
Buying interest hovered at close to $1,300/tonne CFR NE Asia and there was limited interest in selling ideas at $1,340/tonne CFR NE Asia and above.

By: Staff Reporter
+44 20 8652 3214

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