EVENING SNAPSHOT Asia Markets Summary

14 November 2013 10:00  [Source: ICIS news]

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

CRUDE: Dec WTI $93.78/bbl, down 10 cents/bbl; Dec BRENT $107.41/bbl, up 29 cents/bbl
Brent crude prices continued to trade above the previous session’s close on expectations that the US Federal Reserve will continue its monetary stimulus programme, as indicated by Janet Yellen, who is expected to be next Fed chairman. US crude was trading lower ahead of the release of US Government oil inventory data that is expected to reveal a build in domestic crude stocks.

NAPHTHA: $957-959/tonne CFR Japan, up $7.50-8.50/tonne
Open-spec second-half December prices rose in afternoon trading, following a cash deal whereby the second-half January/first-half February was traded at a backwardation of $8/tonne.

BENZENE: $1,245-1,255/tonne FOB Korea, down $5-10/tonne
Three January parcels were booked at $1,240/tonne FOB Korea. January offers were hovering at $1,240-1,245/tonne FOB Korea, against bids at $1,235-1,240/tonne FOB Korea throughout the afternoon session.

TOLUENE: $1,136-1,142/tonne FOB Korea, up $1/tonne at the low end and down $1/tonne at the high end
A January deal at $1,142/tonne FOB Korea and a second-half December fixture at $1,140/tonne FOB Korea. January offers slipped to $1,144-1,145/tonne from $1,150/tonne FOB Korea, countered by bids that rose to $1,140-1,142/tonne FOB Korea from $1,130/tonne FOB Korea. February bids were at $1,142/tonne FOB Korea with no firm offers.

ETHYLENE: $1,380-1,400/tonne CFR NE Asia, stable
Chinese importers targeted prices at around $1,350/tonne CFR NE Asia for December shipments, but these prices were not workable for sellers.

PROPYLENE: $1,475-1,480/tonne CFR NE Asia, down $5/tonne
Buying ideas and bids fell to $1,470-1,475/tonne CFR China Main Port (CMP) for December shipments, against selling ideas and offers largely at $1,480-1,485/tonne CFR CMP.

By: Staff Reporter
+44 20 8652 3214

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