EVENING SNAPSHOT: Asia Markets Summary

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

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

CRUDE: Nov WTI $101.76/bbl, down 65 cents; Nov BRENT $110.30/bbl, down 74 cents
Crude weakened on Tuesday afternoon amid a stronger US dollar and ahead of a meeting between Western powers and Iranian official for talks over Tehran’s nuclear programme. Meanwhile, US lawmakers appeared close to reaching a deal to avoid a debt default.

BENZENE: $1,243-1,260/tonne FOB Korea, up $3/tonne low end
Two more December cargoes were booked at $1,247-1,250/tonne FOB Korea in the afternoon session. However, December discussions slipped from $1,245-1,250/tonne FOB Korea to $1,243-1,247/tonne FOB Korea during the end of open market trading. After 17:00 hours Singapore time, December discussions fell further to $1,240-1,245/tonne FOB Korea. December-January swap was negotiated at a backwardation of $6-9/tonne.

TOLUENE: $1,115-1,120/tonne FOB Korea, down $3/tonne
A December lot was sealed at $1,120/tonne FOB Korea. Prior to that, December cargoes were negotiated at $1,120-1,122/tonne FOB Korea. Subsequently, December offers were at $1,120/tonne FOB Korea, against bids at $1,115-1,118/tonne FOB Korea. For second-half November loading cargoes, offers were at $1,120/tonne FOB Korea that were countered with bids at $1,112/tonne FOB Korea.

ETHYLENE: $1,400-1,430/tonne CFR NE Asia, up $10/tonne high end
A deal for Japan-origin cargo was heard concluded at $1,450/tonne CFR China but details remained sketchy. The majority of buyers capped their bids at $1,400-1,420/tonne CFR China with some acknowledging that it may be difficult to secure cargoes at such levels.

PROPYLENE: $1,430-1,450/tonne CFR NE Asia, stable
Offers and selling indications were heard at $1,450-1,460/tonne CFR NE Asia for November arrival, while buying interest largely ranged from $1,420-1,450/tonne CFR NE Asia, depending on derivative sector and location of the buyer.

By: Staff Reporter
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