EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Mar WTI $97.60/bbl, up 3 cent/bbl; Mar BRENT $114.40/bbl, up 4 cents/bbl
Crude prices edged a few cents higher in the afternoon. WTI prices remained close to their highest levels since September 2012, supported by positive US housing data. Traders are awaiting the outcome of a key US Federal Reserve monetary policy meeting later on Wednesday.  

NAPHTHA: $997-999/tonne CFR Japan, up $7-8/tonne
Open-spec first-half March contract rose in afternoon trading after the spread between the second-half March and the second-half April contracts got traded at $21/tonne in backwardation.

BENZENE: $1,400-1,415/tonne FOB Korea, up $15/tonne
An April fixture was settled at $1,388/tonne FOB Korea. Bids for second-half loading were at $1,385-1,404/tonne FOB Korea amid a lack of sellers.

TOLUENE: $1,303-1,310/tonne FOB Korea, up $3-5/tonne
A deal was closed for March loading at $1,310/tonne FOB Korea. Sellers remained on the sidelines, with a bid at $1,303/tonne FOB Korea for March parcels, and at $1,310/tonne FOB Korea for April cargoes.

ETHYLENE: $1,350-1,400/tonne CFR NE Asia, stable
No CFR trades were heard. Discussions to buy spot cargoes for March loading are underway at the low-$1,300/tonne FOB Japan levels.

PROPYLENE: $1,320-1,350/tonne CFR NE Asia, up $10/tonne at the high end
Selling indications for late February/March arrival ranged from near-$1,350/tonne to the high-$1,300/tonne CFR NE Asia levels, against buying ideas that remained at the low-$1,300/tonne CFR NE Asia levels.

By: Staff Reporter
+44 20 8652 3214

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