04 August 2008 18:22 [Source: ICIS news]
SINGAPORE (ICIS news)--Asian naphtha spreads between second-half September and second-half October have flipped into contango of $0.75/tonne on waning demand from northeast Asian end-users, industry sources said on Monday.
In the Asian CFR (cost and freight) ?xml:namespace>
Similarly, the backwardation spreads between first-half October and first-half November crunched $0.50/tonne to $0.50/tonne over the same period. The spreads, which are now at plus $0.25/tonne, were likely to flip into contango soon.
The Asian naphtha market had been under pressure as demand from northeast Asian end-users waned amid a spate of turnarounds from July to September, as well as sufficient term supplies.
Spot requirements remained sparse, with only one Korean end-user heard snapping up a cargo at discounted levels for second half of September delivery.
An influx of supplies from Europe and an increasing amount of exports from
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|