21 April 2008 05:15 [Source: ICIS news]
SINGAPORE (ICIS news)--Asian naphtha prices hit another record high with the second half of June contract trading at $956.50/tonne on strong gains in the crude markets, according to ICIS pricing data on Monday.
The contract was traded late Friday on a CFR (cost and freight) basis ?xml:namespace>
The gains in the naphtha markets still lagged behind gains in the crude oil markets last week as naphtha rose by 3.27% as against a gain of 3.37% in the Brent crude markets.
Crude crossed the $115/barrel mark last week and was testing the $117/barrel mark.
The naphtha market remained weak due to lacklustre demand from northeast (NE) Asian end-users as most of them had covered their May nominations and were waiting for prices to soften before seeking for June cargoes.
The inter-month backwardation in the Asian naphtha market continued to crunch due to weak demand from NE Asian end-users, industry sources said on Monday.
The inter-month spreads between second half of May/second half of June was seen at $3/tonne on Thursday, against $5/tonne last week. It crunched to $1/tonne towards the end of last week.
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