NOON SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Mar WTI $97.43/bbl, up 12 cents/bbl; April BRENT $118.02/bbl, up 2 cents/bbl
US crude was trading higher, extending gains overnight, supported by concerns about tight supply given extensive refinery maintenance schedule in the US ahead of summer. Brent crude was largely flat as poor economic data from the eurozone weighed on the market.

NAPHTHA: $1,058.50-1,061.50/tonne CFR Japan, down $1.00-2.00/tonne
Open-spec second-half March contract eased in morning trading on light trading activity amid the Lunar New Year holiday.

BENZENE: $1,392-1,397/tonne FOB Korea, down $30-33/tonne
A deal was concluded at $1,390/tonne FOB Korea for April loading. Bids for second-half March were at $1,380-1,392/tonne FOB Korea, but there were no sellers. Offers for May at $1,389-1,405/tonne FOB Korea were countered with bids at $1,380-1,386/tonne FOB Korea.

TOLUENE: $1,305-1,315/tonne FOB Korea, up $5/tonne at the high end
A fixture was closed at $1,330/tonne FOB Korea for April material. Prior to the deal, offers were at $1,335-1,340/tonne FOB Korea, against bids at $1,315-1,325/tonne FOB Korea for April lots.

ETHYLENE: $1,400-1,420/tonne CFR NE Asia, stable
Selling ideas were maintained at around $1,450/tonne CFR NE Asia for March arrival as traders were optimistic of further hikes after the Lunar New Year holiday partly amid firm feedstock naphtha costs.

PROPYLENE: $1,400-1,420/tonne CFR NE Asia, stable
Selling ideas were unchanged at the low-to-mid-$1,400s/tonne CFR NE Asia and discussions with buyers in China and Taiwan are expected to resume next week.

By: Staff Reporter
+44 20 8652 3214

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