EVENING SNAPSHOT Asia Markets Summary

21 January 2014 10:00 Source:ICIS News

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

CRUDE: Feb WTI $94.40/bbl, up 3 cents/bbl; Mar BRENT $107.26/bbl, up 91 cents/bbl
Brent crude oil futures strengthened in the afternoon trade, buoyed by news that the International Energy Agency (IEA)  raised its forecast for global oil demand growth in 2014. US WTI crude futures price change is against the close on 17 January as there was no settlement on 20 January due to a public holiday in the US.

NAPHTHA: $943-945/tonne CFR Japan, up $6-7/tonne
Open-spec naphtha prices for first-half March rose in tandem with crude futures amid a lack of physical trades.

BENZENE: $1,343-1,348/tonne FOB Korea, up $7/tonne at the low end, down $5/tonne at the high end
Two more March fixtures were settled at $1,333-1,338/tonne FOB Korea in the afternoon session. Subsequently, March offers slipped to $1,330/tonne FOB Korea, while bids were at $1,328/tonne FOB Korea, yielding a deal at $1,330/tonne FOB Korea after 09:00 GMT.

TOLUENE: $1,115-1,133/tonne FOB Korea, down $2-10/tonne
Offers fell in the afternoon session, dragged down by overall declines in the aromatics markets. Second-half February offers edged down to $1,121/tonne FOB Korea from $1,125/tonne FOB Korea with no keen bid.

ETHYLENE: $1,520-1,550/tonne CFR NE Asia, flat
Buying ideas for February-arrival cargoes remained capped at around $1,500/tonne CFR NE Asia, but firm selling interest at this level was largely elusive.

PROPYLENE: $1,480-1,500/tonne CFR NE Asia, stable
Prompt spot cargoes of northeast Asia origin were heard offered to buyers in China at prices ranging from the high-$1,400/tonne levels to above $1,500/tonne CFR NE Asia, depending on the location and origin of the cargoes.

By Staff Reporter