EVENING SNAPSHOT Asia Markets Summary

08 October 2013 11:00  [Source: ICIS news]

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

CRUDE: Nov WTI $102.89/bbl, down 14 cents/bbl; Nov BRENT $109.40/bbl, down 28 cents/bbl
Crude futures prices firmed in the afternoon trade, supported by a weaker US dollar, which offset continued concerns over demand amid the US budget impasse and the resultant partial shutdown of US government services.

NAPHTHA: $909.00-911.00/tonne CFR Japan, up $4.75-5.75/tonne
Open-spec second-half November prices extended gains following two deals at $909/tonne and at $910/tonne for the first-half December contract.

BENZENE: $1,265-1,274/tonne FOB Korea, up $7/tonne at the high end
A December cargo was booked at $1,257/tonne FOB Korea during open market trading, while bids hovered at $1,255/tonne FOB Korea. November bids gained to $1,266/tonne FOB Korea from $1,256/tonne FOB Korea, with no counter offer. January offers were at $1,257/tonne FOB Korea amid no buying ideas.

TOLUENE: $1,118-1,124/tonne FOB Korea, up $2-3/tonne           
A November cargo was traded at $1,122/tonne FOB Korea, with November discussions narrowing to $1,120-1,124/tonne FOB Korea from $1,118-1,125/tonne FOB Korea. December offers were previously quoted at $1,125-1,126/tonne FOB Korea, countered with bids at $1,122-1,123/tonne FOB Korea, yielding a deal done at $1,124/tonne FOB Korea.

ETHYLENE: $1,400-1,420/tonne CFR NE Asia, up $30/tonne at the low end
Buyers acknowledged the difficulty of getting spot material at below $1,400/tonne CFR NE Asia, but are not keen on paying $1,450/tonne CFR NE Asia for cargoes as this would further erode derivative margins.

PROPYLENE: $1,425-1,440/tonne CFR NE Asia, stable
Selling ideas for November shipment were heard at around $1,450/tonne CFR NE Asia while buying ideas remained in the low $1,400s/tonne CFR NE Asia.

By: Staff Reporter
+44 20 8652 3214

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