NOON SNAPSHOT - Asia Markets Summary

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

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

CRUDE: WTI Mar $95.78/bbl, down 17 cents/bbl; BRENT Mar $113.08/bbl, down 20 cents/bbl
Crude futures edged lower on Friday morning after gaining ground in the previous session following amid growing confidence of a recovery in the global economy.   

NAPHTHA: $994-997/tonne CFR Japan, up $4-5/tonne
Open-spec first-half March contract rose in morning trading on the back of overnight gains in crude futures.

BENZENE: $1,400-1,405/tonne FOB Korea, down $5-10/tonne
Bids for March parcels were at $1,400/tonne FOB Korea, but there were no sellers. Offers of cargoes for April loading were at $1,410-1,420/tonne FOB Korea, attracting no buying interest. Intermonth spread between March and April stayed at a slight backwardation.

TOLUENE: $1,303-1,310/tonne FOB Korea, stable
Discussions were limited, with only a bid heard at $1,315/tonne FOB Korea for March-loading cargoes in the morning sessions. Intermonth swaps between March and April were negotiated at a contango of up to $10/tonne.

ETHYLENE: $1,350-1,400/tonne CFR NE Asia, stable
Selling ideas at $1,420-1,450/tonne CFR NE Asia were met with buying interest at $1,350-1,380/tonne CFR NE Asia during the week.

PROPYLENE: $1,310-1,335/tonne CFR NE Asia, stable
Selling ideas at close to $1,350/tonne CFR NE Asia continued to draw muted interest from buyers and no deals were heard.

By: Staff Reporter
+44 20 8652 3214

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