NOON SNAPSHOT - Asia Markets Summary

24 January 2013 04:27  [Source: ICIS news]

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

CRUDE: Mar WTI $95.45/bbl, up 22 cents/bbl; Mar BRENT $112.65/bbl, down 15 cents/bbl
Brent crude futures edged lower, giving back most of the modest gains made the previous day. US crude futures firmed, recovering some of the losses from the previous session. WTI values had fallen on expectations of a build in US crude and products stocks and on news that reduced pipeline flows from the US’ MidWest could result in a further build in crude stocks at the WTI Cushing Oklahoma delivery hub.

NAPHTHA: $989.50-992.50/tonne CFR Japan, up $1/tonne at the high end
Open-spec first-half March contract rose at the upper end of the range in spite of lower crude futures.

BENZENE: $1,405-1,415/tonne FOB Korea, down $5/tonne at the high end
A March-loading cargo was settled at $1,405/tonne FOB Korea. Discussion levels were lower because of the weak US market and poor spot appetite for downstream product - styrene monomer (SM).

TOLUENE: $1,300-1,315/tonne FOB Korea, down $15/tonne
Offers for March parcels at $1,315/tonne FOB Korea, but there was subdued interest. Bids were quoted at $1,295/tonne FOB Korea for April shipments.

ETHYLENE: $1,350-1,400/tonne CFR NE Asia, stable
No CFR trades were heard, but a 3,000-tonne spot cargo from Korea was heard sold at $1,350/tonne FOB for second-half February lifting.

PROPYLENE: $1,310-1,335/tonne CFR NE Asia, steady
Selling indications ranged from $1,340/tonne to above $1,350/tonne CFR NE Asia while 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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