22 May 2008 04:11 [Source: ICIS news]
SINGAPORE (ICIS news)--Asian naphtha traded at a new record high of $1071/tonne late Wednesday on high crude values, industry sources said on Thursday.
It touched the new historical record high as Sempra sold the second half of July contract to Shell.
Asian naphtha first hit a record high last week at $1,022/tonne CFR (cost and freight) Japan as Mitsui Oil Asia Hong Kong sold the first half of July contract to Sojitz. Early this month, the contract stood at $1,002/tonne.
Prices closed higher late Wednesday with first half July indications pegged at $1,072.50-1,073.50/tonne, second half July at $1,071.50-1,072.50/tonne and first half August at $1,070.50-1,071.50/tonne.
US crude oil futures surged to a fresh record high above $135/barrel on Thursday as a weaker dollar and a dip in US inventories triggered buying.
The naphtha markets was also back on a firmer note but still lagged gains in the Brent crude markets and were up 13.94% versus gains of 15.99% in the Brent crude markets since early May.
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