Asian naphtha breaks new highs on crude

24 June 2008 04:09  [Source: ICIS news]

SINGAPORE (ICIS news)--Asian naphtha breaks another new record late Monday on high crude values, industry sources said Tuesday.

 

Asian naphtha broke new historical highs by trading at $1,183.00/tonne CFR (cost-and-freight) Japan as Glencore sold the second half of August contract to Itochu.

 

Late last week, the same seller also sold the contract at a previous record level of $1,177.00/tonne CFR (cost-and-freight) Japan to the same buyer.

 

The previous record was set last week at $1,157.00/tonne CFR Japan as the same seller sold the first half of August contract to Sietco.

 

U.S. crude oil futures rose further on Tuesday, after finishing over $1 higher on Monday when fears over Nigerian supply disruptions and escalating tensions between the West and Iran outweighed Saudi Arabia's pledge to raise output and keep markets well-supplied.

    

Front-month U.S. crude for August delivery was up 40 cents at $137.14/barrel on the Globex electronic trading platform. On Monday, it settled $1.38 higher at $136.74/barrel.

 

Naphtha supplies in Asia are expected to remain tight in the third quarter and fourth quarter of this year.

 

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By: Desmond Chia
+65 6780 4359

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