Asian naphtha sustains record $688/mt

17 July 2006 05:32  [Source: ICIS news]

SINGAPORE (ICIS news)--Asian naphtha prices continued with record levels of around $688/tonne CFR Japan on Monday morning due to high crude oil prices, said traders.

This follows on from Friday’s close of $686-688/tonne delivered basis for first half September, which was $10-12/tonne or almost 2% higher than Thursday’s close of $676/tonne – the previous record.

August Nymex Access WTI futures opened on Monday at $77.03/bbl, before rising to $77.40/bbl due to ongoing tensions across the Middle East that gave rise to supply concerns. Prices had hit a record $78.40/bbl in after-hours trade on Thursday, before easing to $77.50/bbl on Friday evening.

Traders said that crude oil prices have sustained the high naphtha levels, even though Asian demand sentiment remained weak.

By: Lee Kong Lin
+65 6780 4386

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