EVENING SNAPSHOT - Asia Markets Summary

01 February 2013 10:00  [Source: ICIS news]

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

CRUDE: Mar WTI $97.29/bbl, down 20 cents/bbl; Mar BRENT $115.64/bbl, up 9 cents/bbl
Crude prices gave back earlier gains but remained near recent highs. ICE Brent crude futures trading close to its highest levels since October 2012 amid Middle East tensions and hopes of a recovery in the global economy.

NAPHTHA: $997.50-999.50/tonne CFR Japan, up $2.50-3.50/tonne
Open-spec second-half March contract rose in afternoon trading, after the second-half March/first-April spread was done at $15.00/tonne in backwardation.

BENZENE: $1,385-1,395/tonne FOB Korea, down $5/tonne at the low end
The trading range widened. Offers for March cargoes quoted at $1,395/tonne FOB Korea, against bids at $1,380-1,387/tonne FOB Korea.

TOLUENE: $1,285-1,295/tonne FOB Korea, down $5/tonne at the low end
Offers for March cargoes were at $1,295/tonne FOB Korea, while bids were cited at $1,284-1,285/tonne FOB Korea.  April loading was priced at a contango of $5/tonne compared with March, while May parcels were priced at a contango of $5-10/tonne compared with April. Market was in a contango of $5/tonne for March as compared with April and April as compared with May loading.

ETHYLENE: $1,380-1,410/tonne CFR NE Asia, up $10/tonne at the high end
Discussions to sell a 2,000-3,000-tonne spot cargo into China for March arrival were called off on Friday due to a wide buy-sell gap. An offer of $1,450/tonne CFR China was met with a bid at $1,410/tonne CFR NE Asia.

PROPYLENE: $1,340-1,360/tonne CFR NE Asia, stable
A Japanese cargo was heard sold to a trader at around $1,370/tonne CFR NE Asia for first-half March loading. The deal could not be immediately confirmed. Buying ideas were mainly capped at or below $1,350/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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