Asia naphtha hits high of $968/t on crude spike

23 April 2008 03:58  [Source: ICIS news]

SINGAPORE (ICIS news)--Asian naphtha continues to break new record highs and hit $968/tonne for a second half of June contract as crude retains its upward streak, according to ICIS pricing data on Wednesday.

The contract was traded late Tuesday on a CFR (cost and freight) Japan basis as Glencore sold to Trafigura. On 21 April, naphtha recorded $966.50/tonne CFR Japan as Glencore sold to Sojitz.

The contract first hit record highs on 16 April at $942/tonne CFR Japan and breached $956.50/tonne on 18 April.  

The naphtha markets still lagged gains in the crude oil markets over last Monday as naphtha rose 4.67% against a gain of 5.35% 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 second half of May and first half of June delivery, with the latest biggest purchase being by Taiwan's Formosa Petrochemical Corp (FPCC).

FPCC bought about 200,000 tonnes of naphtha for delivery in the second half of June.

By: Desmond Chia
+65 6780 4359

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