29 November 2013 04:00 [Source: ICIS news]
SINGAPORE (ICIS)--Here is Friday’s midday Asia oil and chemical markets summary.
CRUDE: Jan WTI $92.26/bbl, down 4 cents/bbl; Jan BRENT $110.79bbl, down 7 cents/bbl
Brent crude futures were trading a few cents below the previous session’s close. Further positive news on the Iran nuclear deal offset supply concerns generated by Libyan tensions. There was no settlement on the NYMEX WTI contract on Thursday because of the Thanksgiving public holiday in the US. Therefore, the price movement was computed against Wednesday’s settlement.
NAPHTHA: $963.75-966.75/tonne CFR Japan, down $3.00-4.00/tonne
Open-spec first-half January prices edged lower in response to rising supply.
BENZENE: $1,315-1,343/tonne FOB Korea, up $3/tonne at the low end
A January-Feburary swap deal was concluded at a backwardation of $15/tonne FOB Korea. Offers and bids for January parcels were at $1,315-1,325/tonne FOB Korea. A sole offer for February at $1,320/tonne FOB Korea failed to generate bids.
TOLUENE: $1,167-1,184/tonne FOB Korea, stable
Discussions for the morning market were limited, with a sole bid for the contango between January and February-loading lots at $10/tonne. The Chinese import market also observed subdued talks.
ETHYLENE: $1,370-1,385/tonne CFR NE Asia, stable
Selling ideas were at $1,400/tonne CFR NE Asia or higher on the back of limited spot supply.
PROPYLENE: $1,470-1,475/tonne CFR NE Asia, flat
Buying ideas were largely capped at $1,465-1,470/tonne CFR China Main Port (CMP) for second-half December and first-half January arrival cargoes, against selling indications at $1,475-1,480/tonne CFR CMP.
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