NOON SNAPSHOT Asia Markets Summary

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

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

CRUDE: Dec WTI $93.62/bbl, up 28 cents/bbl; Jan BRENT $107.27/bbl, up 35 cents/bbl
Crude prices were higher in Asian morning trade after US Federal Reserve chairman Ben Bernanke’s reassurance that the US economic stimulus will continue for some time.

NAPHTHA: $935.50-938.50/tonne CFR Japan, down $6.50-7.50/tonne
Open-spec first-half January prices weakened on overnight Brent crude losses.

BENZENE: $1,265-1,277/tonne FOB Korea, up $20/tonne
Discussions were higher, fuelled by sharp gains in the US and Europe markets. First-half December offers were at $1,290/tonne FOB Korea, with no counter bid. A January deal was booked at $1,267/tonne FOB Korea, after which offers were quoted at $1,267-1,275/tonne FOB Korea, countered with bids at $1,264-1,267/tonne FOB Korea.

TOLUENE: $1,140-1,160/tonne FOB Korea, down $3/tonne at the low end, up $5/tonne at the high end
The offer-bid gap widened, with average discussion levels largely unchanged. January offers were at $1,160/tonne FOB Korea, although an earlier offer was at $1,155/tonne FOB Korea. January bids stood at $1,150/tonne FOB Korea. For February loading, bids were at $1,152-1,155/tonne FOB Korea amid no keen sellers.

ETHYLENE: $1,370-1,385/tonne CFR NE Asia, stable
Selling ideas were stable in the high-$1,300/tonne levels to $1,400/tonne CFR NE Asia for December shipments.

PROPYLENE: $1,465-1,475/tonne CFR NE Asia, unchanged
Buying ideas were at $1,460-1,465/tonne CFR China Main Port (CMP) for December-arrival cargoes, against selling ideas at $1,470-1,475/tonne CFR CMP.

By: Staff Reporter
+44 20 8652 3214

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