22 May 2008 10:07 [Source: ICIS news]
The second half of July and second half of August spreads widened by $0.75/tonne to a backwardation of $2.25/tonne; while the first half of August and first half of September widened by $1.25/tonne to plus $1.75/tonne.
The spreads between the first half of July and first half August in the CFR (cost and freight) Japan naphtha market seen at discount of $2.75/tonne early last week narrowed to parity late Friday as South Korean end-users sought term naphtha supplies for the second half of 2008 to the second half of 2009.
Asian naphtha prices were up 13.94% versus gains of 15.99% in the Brent crude markets since early May.
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