Asia naphtha opens $21/t up on record crude

21 May 2008 03:56  [Source: ICIS news]

SINGAPORE (ICIS news)--Asian naphtha opened early Wednesday on a firmer note rising $21/tonne after crude markets broke successive record high levels this week, industry sources said.

Price indications for the first half of July contract were pegged at $1,062.50-1,065.50/tonne CFR (cost and freight) Japan, second half July at $1,061.50-1,064.50/tonne and first half August at $1,060.50-1,063.50/tonne.

The Asian naphtha markets saw no trades this week, as players were hesitant in taking positions amid uncertainties in the crude oil markets.

Last week, the first half of July broke a new historical record high, by trading at $1,022/tonne as Mitsui Oil Asia Hong Kong sold to Sojitz.

US crude oil futures for July delivery held steady around $129/barrel on Wednesday, amid deepening worries over tight global stockpiles and forecasts of higher prices.

On Tuesday, the June contract expired at a record settlement of $129.07/barrel, after hitting a record $129.60/barrel earlier.

Asian naphtha markets were also back on a firmer note but still lagged gains in the Brent crude markets and naphtha prices were up 10.75% versus gains of 13.20% in the Brent crude markets since early May.

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By: Desmond Chia
+65 6780 4359

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