01 February 2013 04:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here’s Friday’s midday Asia and chemical markets summary.
CRUDE: Mar WTI $97.50/bbl, up 1 cent/bbl; Mar BRENT $115.80/bbl, up 25 cents/bbl
Crude prices firmed in morning, adding to gains made in the previous session. Brent crude futures were trading at their highest levels since October 2012. The spread between Brent and WTI has widened as a result of a build of crude stocks in the US midWest amid disruption of flows along a key pipeline.
NAPHTHA: $994-997/tonne CFR Japan, down $4-5/tonne
Open-spec second-half March contract drifted lower in morning trading as petrochemical stockpiling activity is winding down days before the Lunar New Year.
BENZENE: $1,390-1,395/tonne FOB Korea, stable
Offers for both second-half February and first-half March loading were at $1,395/tonne FOB Korea, but there were no bidders. Bids for March cargoes were at $1,380/tonne FOB Korea, with a separate offer at $1,393/tonne FOB Korea.
TOLUENE: $1,290-1,295/tonne FOB Korea, unchanged
Bids for March cargoes were at $1,280/tonne FOB Korea, which were countered with offers at $1,300/tonne FOB Korea. Offers for April loading were at $1,305-1,310/tonne FOB Korea, against bids at $1,290-1,295/tonne FOB Korea.
ETHYLENE: $1,380-1,400/tonne CFR NE Asia, up $20/tonne at the low end
Discussions to sell a 2,000-3,000-tonne spot cargo into China for any March arrival were underway but further details were not available.
PROPYLENE: $1,340-1,360/tonne CFR NE Asia, up $10/tonne at the low end
Selling ideas at the mid-to-high-$1,300/tonne CFR NE Asia levels continued to be met with buying interest at the low-to-mid-$1,300s/tonne CFR NE Asia.
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