EVENING SNAPSHOT - Asia Markets Summary

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

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

CRUDE: Mar WTI $96.95/bbl, up 29 cents/bbl; Apr BRENT $117.61/bbl, up 9 cents/bbl
Crude prices were slightly higher in Asian afternoon trade. Downward pressure generated by news that Saudi Arabia will increase its crude output was offset by a weaker US dollar and hopes of increased US and China demand.   

NAPHTHA: $1,025.50-1,027.50/tonne CFR Japan, down $10.00-11.00/tonne
Open-spec first-half April contract fell in afternoon trading, following two physical trades. The second-half April/first-half May spread changed hands at $14/tonne in backwardation, while the first-half April/first-half May spread was done at a backwardation of $32/tonne.

BENZENE: $1,405-1,410/tonne FOB Korea, stable
Two deals were closed at $1,403-1,404/tonne FOB Korea for April loading. Subsequently, offers for April loading were quoted at $1,405/tonne FOB Korea, against bids at $1,400/tonne FOB Korea.          

TOLUENE: $1,293-1,295/tonne, unchanged
Discussions were thin, with offers for April parcels at $1,309-1,310/tonne FOB Korea that were countered with bids at $1,300/tonne FOB Korea. 

ETHYLENE: $1,420-1,430/tonne CFR NE Asia, up $10-20/tonne
A 3,000-tonne regional spot cargo was heard sold at near-$1,450/tonne CFR NE Asia levels for end-March arrival, but details were not available

PROPYLENE: $1,410-1,430/tonne CFR NE Asia, stable
A regional cargo was heard sold at $1,420/tonne CFR China for second-half March arrival and selling ideas at close to $1,450/tonne CFR NE Asia generally failed to attract buying interest.


By: Staff Reporter
+44 20 8652 3214



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