NewsFlashAsia naphtha at record $905/t on crude

21 February 2008 09:55  [Source: ICIS news]

SINGAPORE (ICIS news)--Asian open spec naphtha surged $6/tonne to a record high of $905/tonne on Thursday on the back of crude spikes and market tightness, said market sources.

Second-half April material traded $6/tonne up from Wednesday at $905/tonne on a CFR (cost and freight) Japan basis. The first-half April contract was pegged at $910-911/tonne CFR Japan.

Naphtha supplies had been tight in Asia after Taiwanese end-users snapped up 525,000 tonnes of the feedstock for March/April delivery.

Premiums had doubled to $7/tonne to Japan quotes CFR NE Asia (northeast Asia) from $3-4/tonne to Japan quotes CFR early last week.

By: Desmond Chia
+65 6780 4359

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