EVENING SNAPSHOT Asia Markets Summary

03 January 2014 10:42  [Source: ICIS news]

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

CRUDE: Feb WTI $95.57/bbl, up 13 cents; Feb BRENT $108.42/bbl, up 64 cents
Crude oil futures strengthened on Friday afternoon as buyers re-entered the market after a sharp fall in prices in the previous session. Attention was focused on Libya and reports that protestors plan to allow production to resume at one of Libya’s biggest oil fields in the coming days .

NAPHTHA: $974.50-976.50/tonne CFR Japan, up $8.50-9.50/tonne
Open-spec naphtha prices for second-half February rebounded in afternoon trading in tandem with crude futures. The spread between the first-half March and second-March contracts was traded at $8.25/tonne in backwardation, from PetroChina to Shell.

BENZENE: $1,341-1,343/tonne FOB Korea, up $1/tonne low end, down $2/tonne high end
Four February deals were settled at $1,341-1,343/tonne FOB Korea in the afternoon session, but with discussions hovering at $1,340-1,345/tonne FOB Korea. For March loading, negotiations narrowed to $1,327-1,330/tonne FOB Korea from $1,325-1,333/tonne FOB Korea. However, after 17:00 hours Singapore time, February bids slipped to $1,338/tonne FOB Korea.

TOLUENE: $1,160-1,175/tonne FOB Korea, down $5/tonne low end
Three March deals at $1,176-1,177/tonne FOB Korea in the afternoon session, while March discussions were at $1,175-1,184/tonne FOB Korea. For February loading, negotiations were at $1,165-1,175/tonne FOB Korea. The spread for February-March was at a contango of $1-7/tonne.

ETHYLENE: $1,500-1,540/tonne CFR NE Asia, stable
A 3,500-4,000 tonne cargo for February delivery was heard sold at $1,560/tonne CFR NE Asia but the deal could not be immediately confirmed. Buying ideas were generally capped at $1,500/tonne CFR NE Asia.

PROPYLENE: $1,500-1,515/tonne CFR NE Asia, up by $5/tonne at the high end
Offers at $1,515-1,520/tonne CFR CMP for February shipments were countered by buying ideas at $1,500-1,505/tonne CFR CMP.


By: Staff Reporter
+44 20 8652 3214

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