NOON SNAPSHOT - Asia Markets Summary

13 February 2013 04:15  [Source: ICIS news]

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

CRUDE: WTI MAR $97.57/bbl, up 6 cent/bbl; BRENT MAR $118.60/bbl, down 6 cents/bbl
Crude futures were range-bound in early trade following gains overnight, as most market players in Asia are just back from the Lunar New Year holiday. Prices are being supported by improved outlook on energy demand by the US Energy Information Administration’s (EIA) and OPEC.

NAPHTHA: $1,054.50-1,057.50/tonne CFR Japan, up $5.75-6.75/tonne
Open-spec second-half March contract rose in morning trading on overnight crude gains.

BENZENE: $1,430-1,445/tonne FOB Korea, stable
Market opened with a wide buy-sell gap. Offers of second-half March loading were at $1,440/tonne FOB Korea, against bids at $1,420/tonne FOB Korea. Bids for May cargoes were at $1,400-1,405/tonne FOB Korea.

TOLUENE: $1,330-1,345/tonne FOB Korea, up $5-15/tonne
Market was thinly discussed in the morning session. An offer of April parcel was at $1,350/tonne FOB Korea, against a bid at $1,330/tonne FOB Korea.

ETHYLENE: $1,400-1,420/tonne CFR NE Asia, stable
Selling indications were unchanged at above $1,400/tonne CFR NE Asia but discussions were limited because of the ongoing Lunar New Year holiday in China and Taiwan.

PROPYLENE: $1,400-1,420/tonne CFR NE Asia, stable
Selling indications were maintained at a minimum of the low-$1,400s/tonne CFR NE Asia but no deals were heard.

By: Staff Reporter
+44 20 8652 3214

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