EVENING SNAPSHOT - Asia Markets Summary

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

SINGAPORE (ICIS)--Here is Monday’s end of day Asia oil and chemical market summary from ICIS.

CRUDE: WTI MAR $97.33/bbl, down 44 cents; BRENT MAR $116.36/bbl, down 40 cents
Oil futures fell on profit-taking in the afternoon session after crude rose to four-month highs in the previous week on the back of positive global economic data and tensions in the Middle East.

NAPHTHA: $1,011-1,013/tonne CFR Japan, up $8-9/tonne
Open-spec second-half March contract’s gains were extended. Meanwhile, the first-half April/second-half April spread was done at a backwardation of $13.50/tonne.

BENZENE: $1,400-1,405/tonne FOB Korea, up $10/tonne
A South Korean producer was bidding for March loading in the afternoon session at up to $1,404/tonne FOB Korea, while others capped their bids at $1,400/tonne FOB Korea. The intermonth spread between March and April were at a backwardation at $12/tonne for offers, against $6-7/tonne for bids.

TOLUENE: $1,295-1,303/tonne FOB Korea, up $5-8/tonne
Offers of March cargoes were at $1,303-1,305/tonne FOB Korea, against bids at $1,290-1,295/tonne FOB Korea in the afternoon session.

ETHYLENE: $1,380-1,410/tonne CFR NE Asia, stable
Traders continued to target sales at above $1,400/tonne CFR NE Asia but discussions were largely subdued as buying interest was muted ahead of the Lunar New Year holiday, traders said.

PROPYLENE: $1,340-1,360/tonne CFR NE Asia, steady
Spot prices were stable amid limited discussions at the beginning of the week. Selling ideas were heard at $1,360-1,400/tonne CFR NE Asia as suppliers remained optimistic about the near-term trend, while buyers adopted a more cautious attitude, keeping their indications below $1,350/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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