10 June 2008 04:33 [Source: ICIS news]
SINGAPORE (ICIS news)--Asian naphtha opened $17/tonne lower early Tuesday as crude markets in the west shed prices, industry sources said.
Second half July indications were pegged at $1,131-1,134/tonne CFR (cost and freight) Japan, first half August at $1,127-1,130/tonne and second half August at $1,124-1,127/tonne.
Prices had closed firmer on Monday with second half July indications pegged at $1,149-1,150/tonne, first half August at $1,145-1,146/tonne and second half August at $1,142.50-1,143.50/tonne.
Prices had closed firmer on Monday with second half July indications pegged at $1,149-1,150/tonne, first half August at $1,145-1,146/tonne and second half August at $1,142.50-1,143.50/tonne.Supplies had been tightening in Asia with fewer exports coming from India and Europe and players expected the tight situation to continue into the second half of this year.
Although naphtha supplies from India were still forthcoming and exports were expected to increase, it was a far cry from last year’s monthly volume of 1m tonnes, sources said.
A stronger dollar and profit taking led to one of the biggest single-session drops in history in the oil markets.
Front-month US crude for July delivery was up 73 cents, or 0.54%, at $135.08/bbl on the Globex electronic trading platform. On Monday, it settled lower by $4.19, or 3.02%, at $134.35/bbl.
Asian naphtha prices were up 5.94% versus gains of 7.23% in the Brent crude markets since early June and were lagging gains in the crude markets due to a slowdown in demand from northeast Asian end-users, most of whom had covered their July requirements.
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