24 April 2008 03:57 [Source: ICIS news]
SINGAPORE (ICIS news)--Asian naphtha prices continues to break new ground, hitting above $980/tonne (€617/tonne) CFR (cost-and-freight) Japan, due to simmering crude values, market sources said on Thursday.
The second half of June contract traded late Wednesday at fresh high of $982.00/tonne as trader Vitol sold a parcel to oil major Shell.
Naphtha contracts were at successive highs throughout the week - hitting $968.00/tonne on 22 April after touching $966.50/tonne a day earlier - firmly boosted by record high crude, market sources said.
Gains in naphtha markets were catching up with crude oil rises due to strong buying support from Northeast Asian end-users this week. Asian naphtha prices jumped 6.39% against a 6.71% rise in the Brent crude values.
Crude futures prices in the ?xml:namespace>
Despite the relatively high prices, northeast Asian end-users snapped up cargoes for second half of May and first half of June delivery this week.
($1 = €0.63)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections