EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Feb WTI $94.98/bbl, down 58 cents/bbl; Mar BRENT $111.50/bbl, down 21 cents/bbl
Crude futures softened in the afternoon trade, giving back gains made earlier in the day after the US dollar strengthened.  Crude prices had been buoyed earlier in the day by the Bank of Japan’s announcement of aggressive monetary stimulus measures to boost the world’s third biggest economy. Due to a public holiday in US, there was no NYMEX WTI settlement on Monday. The price change for WTI is computed based on the close on 18 January.

NAPHTHA: $973-975/tonne CFR Japan, up $1-2/tonne
Open-spec first-half March contract rose in afternoon trading despite lower crude futures, because of a physical trade done at $957/tonne CFR Japan for first-half April contract.

BENZENE: $1,430-1,440/tonne FOB Korea, down $5/tonne
A fixture for March loading was done between two traders at $1,426/tonne FOB Korea. The intermonth spread between March and April were at a backwardation of $3-8/tonne, while second-half February and March were priced at a slight backwardation of less than $5/tonne.

TOLUENE: $1,330-1,340/tonne FOB Korea, steady
Offers for March cargoes were at $1,340-1,345/tonne FOB Korea, against bids at $1,320-1,330/tonne FOB Korea. For April loading, offers were at $1,345-1,355/tonne FOB Korea, which were countered by bids at $1,330-1,335/tonne FOB Korea.

ETHYLENE: $1,350-1,380/tonne CFR NE Asia, stable
Buyers were generally reluctant to pay above $1,400/tonne CFR NE Asia for spot parcels and this hampered trade in the region.

PROPYLENE: $1,310-1,330/tonne CFR NE Asia, flat
Buying ideas remained capped at $1,310-1,320/tonne CFR NE Asia, while a 10,000-tonne propylene spot cargo, for loading in the first half of February, was heard sold to a trader at $1,370/tonne FOB Taiwan.

By: Staff Reporter
+44 20 8652 3214

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