Asian naphtha hits $1,000/t on crude gains

28 April 2008 05:37  [Source: ICIS news]

SINGAPORE (ICIS news)--Asian naphtha rose by $31.25/tonne over Friday’s close as crude prices shot up over the weekend, market sources said on Monday.

Crude almost hit the $120/barrel level in the US, after hitting a record high of $119.93/barrel as a strike closed a major British pipeline and on concerns of new violence in Nigeria.

Asian naphtha hit the $1,000/tonne CFR (cost and freight) Japan mark and first half of June indications were pegged at $998.25-1,001.25/tonne CFR Japan, second half June at $997-1,000.00/tonne CFR Japan and first half July at $995.75-998.75/tonne CFR Japan.

The first half of June contract closed late Friday at $968-969/tonne CFR Japan while the second half of June contract traded at $964/tonne CFR Japan, a tad lower after a string of record high prices at as high as $982/tonne CFR Japan.

The gains in the naphtha markets caught up with crude oil gains on strong buying support from northeast Asian end-users last week. Asian naphtha prices jumped 4.82% against a 4.17% rise in the Brent crude prices since the middle of this month.

Korean end-users snapped up cargoes for the second half of May, first half and second half of June delivery this week. Taiwan's Formosa Petrochemical (FPCC) on Tuesday purchased a large prompt parcel of 200,000 tonnes naphtha for delivery in the second half of June.

By: Desmond Chia
+65 6780 4359

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.

Printer Friendly