05 May 2008 03:55 [Source: ICIS news]
SINGAPORE (ICIS news)--Asian naphtha jumped $30/tonne early Monday on overnight gains in crude markets in the west, industry sources said on Monday.
Second half June indications were pegged at $971.50-974.50/tonne CFR (cost and freight) Japan. The first half July contract was notionally pegged at $970-973/tonne and second half July at $968.50-971.50/tonne.
The second half of June contract had closed at $942.50-943.50/tonne late Friday and first half of July at $941.25-942.25/tonne. No trades were done as most players were out for long weekends after the labour day holiday on Thursday.The second half of June contract had hit a record high near the $1,000/tonne mark early last week, after a string of record high prices due to simmering crude values in the previous week
US crude futures rose overnight to over $116/barrel, supported by further supply disruptions in Nigeria and geopolitical tension between Iran and the west. A US government report on better job loss figures also helped support crude markets.Crude prices had almost hit the $120/barrel level in the US over last weekend, after hitting a record high of $119.93/barrel.
The gains in the naphtha markets were catching up with crude oil gains on strong buying support from northeast Asian end-users towards the end of last month.
Asian naphtha prices had risen by 2.19% versus a 1.98% rise in the Brent crude prices since mid-April. Despite the relatively high prices, northeast Asian end-users snapped up cargoes for June delivery end last month.
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