NOON SNAPSHOT Asia Markets Summary

14 November 2013 04:00  [Source: ICIS news]

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

CRUDE: Dec WTI $93.81/bbl, down 7 cents/bbl; Dec BRENT $107.30/bbl, up 18 cents/bbl
Brent crude prices edged higher, supported by comments from Janet Yellen – the prospective next head of the US Federal Reserve – indicating that monetary stimulus should continue  because of continued weakness in the US economy. WTI crude futures eased ahead of the release of US Government oil inventory data, which is expected to reveal a build in domestic crude stocks.

NAPHTHA: $948.50-951.50/tonne CFR Japan, up $6.25-7.25/tonne
Open-spec second-half December prices rose in morning trading on overnight gains in crude futures.

BENZENE: $1,250-1,265/tonne FOB Korea, up $13-20/tonne
Offer-bid levels gained over the morning session, supported by improved sentiment on higher US and European numbers. Second-half December discussions were at $1,245-1,260/tonne FOB Korea, while January offers were at $1,238/tonne FOB Korea with bids at $1,227-1,235/tonne FOB Korea. A January deal was concluded at $1,237/tonne FOB Korea.

TOLUENE: $1,135-1,143/tonne FOB Korea, up $2-5/tonne
Offer-bid levels opened higher in the morning session, buoyed by further gains in the Chinese, as well as the US and European, markets. For second-half December, offers were at $1,139-1,140/tonne FOB Korea, with a deal subsequently settled at $1,138/tonne FOB Korea.

ETHYLENE: $1,380-1,400/tonne CFR NE Asia, stable
Buying ideas were heard in the mid-$1,300/tonne CFR NE Asia levels for December shipments.

PROPYLENE: $1,480-1,485/tonne CFR NE Asia, unchanged
Chinese importers sought prices at $1,475-1,480/tonne CFR China Main Port (CMP) for December shipments.


By: Staff Reporter
+44 20 8652 3214



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