Asia naphtha continues rally, rises to $966.50/t

22 April 2008 04:02  [Source: ICIS news]

SINGAPORE (ICIS news)--The rally in the Asian naphtha market continues as it rose by $1 to create another record high of $966.50/tonne for a second half of June contract on strong gains in the crude markets, according to ICIS pricing data on Tuesday.

The contract was traded on a CFR (cost and freight) Japan basis late on Monday as Glencore sold to Sojitz. The contract had last breached the $956.50/tonne CFR Japan mark as Itochu sold to Shell. It first hit record highs on 16 April at $942/tonne CFR Japan.  

The gains in the naphtha markets still lagged gains in the crude oil markets over last Monday as naphtha rose 4.79% against a gain of 5.26% in the Brent crude markets. Crude prices in the US surpassed the $117/barrel mark this week.

Northeast Asian end-users were seen lending support to the Asian naphtha market this week by snapping up cargoes for delivery in the second half of May and first half of June.

Asian naphtha prices opened slightly firmer on Tuesday with first half June indications pegged at $967.75-970.75/tonne CFR Japan, second half June at $967-970/tonne CFR Japan and first half July at $966.25-969.25/tonne CFR Japan.

By: Desmond Chia
+65 6780 4359

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