NOON SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Feb WTI $95.23/bbl, down 33 cents/bbl; Mar BRENT $111.60/bbl, down 29 cents/bbl
Crude futures softened in the morning trade following the release of downbeat US consumer data. Meanwhile, traders await the Bank of Japan meeting later this week amid expectations of further monetary easing. Due to a public holiday in the US, NYMEX WTI will only trade electronically on Monday.

NAPHTHA: $967-970/tonne CFR Japan, up $3-4/tonne
Open-spec first-half March contract shrugged off weaker Brent crude futures and rose on the back of firm regional demand.

BENZENE: $1,435-1,445/tonne FOB Korea, up $10-15/tonne
A deal for April shipments was concluded between two traders at $1,440/tonne FOB Korea. The intermonth spread between March and April was at a backwardation of $5-10/tonne, while February-March was at parity.

TOLUENE: $1,310-1,320/tonne, up $10/tonne
Bids for March cargoes were at $1,315/tonne FOB Korea, but there were no sellers. Offers for April shipments were at $1,330/tonne FOB Korea were countered by bids at $1,315/tonne FOB Korea. The intermonth spread between second-half February and March was at a contango of $5-10/tonne.

ETHYLENE: $1,350-1,370/tonne CFR NE Asia, stable
Selling ideas were unchanged at above $1,400/tonne CFR NE Asia while discussions are expected to take place later in the week.

PROPYLENE: $1,310-1,330/tonne CFR NE Asia, unchanged
Buyers stayed at the sidelines following recent purchases. No fresh deals were heard. Buying ideas remained capped at the low $1,300/tonne CFR NE Asia levels.

By: Staff Reporter
+44 20 8652 3214

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