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.
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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
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