12 June 2008 03:39 [Source: ICIS news]
SINGAPORE (ICIS news)--Asian naphtha prices opened higher on gains in the crude markets in the west, according to industry sources on Thursday.
Asian naphtha prices opened $22.50/tonne higher on Thursday. Second half July prices indications were pegged at $1,161.00-1,164.00/tonne CFR (cost and freight) Japan, first half August at $1,157.00-1,160.00/tonne CFR Japan and second half August at $1,154.50-1,157.50/tonne CFR Japan.
Asian naphtha prices closed firmer on Wednesday. Second half July prices indications were pegged at $1,139.50-1,140.50/tonne CFR Japan, first half August at $1,135.50-1,136.50/tonne CFR Japan and second half August at $1,133.00-1,134.00/tonne CFR Japan.
Supplies have been tightening in Asia with less supplies coming from ?xml:namespace>
Western traders reportedly moving arbitrage cargoes from the west to northeast
Although naphtha supplies from
Asian naphtha prices were up 5.07% versus gains of 4.21% in the Brent crude markets since early June.
U.S. crude oil futures jumped by more than $5/barrel on Wednesday, when the U.S. government reported a larger-than-expected drawdown in domestic crude oil stocks, increasing fears of a worsening global crunch.
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