Asia naphtha rises $15.50/t on record high crude

20 May 2008 04:26  [Source: ICIS news]

SINGAPORE (ICIS news)--Asian naphtha opened on a firmer note early Tuesday rising $15.50/tonne (€10/tonne) over Friday after crude markets broke record high levels last week, industry sources said.

The first half of July contract was notionally pegged at $1,041-1,044/tonne CFR (cost and freight) Japan early Tuesday. The second half July was indicated at $1,040-1,043/tonne and first half of August at $1,039.50-1,042.50/tonne.

Last week, the first half of July broke a new historical record high, by trading at $1,022/tonne late Wednesday as Mitsui Oil Asia Hong Kong sold to Sojitz. The contract also traded at $1,021/tonne between Shell and Trafigura. 

US crude futures surged above the $127/barrel last Tuesday after OPEC President Chakib Khelil said the oil cartel would not increase output.

The front-month US crude for June delivery was trading up 19 cents at $127.24/barrel on the Globex electronic trading platform after settling up 76 cents at $127.05/barrel. It reached an intraday record high of $127.82 on Friday.

Asian naphtha markets were also back on a firmer note but still lagged gains in the Brent crude markets. Asian naphtha prices were up 9.05% versus gains of 11.29% in the Brent crude markets since early May.

($1 = €0.64)

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By: Desmond Chia
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