03 September 2008 06:00 [Source: ICIS news]
SINGAPORE (ICIS news)--Asian open-spec naphtha contango spreads continued to widen by $2/tonne to $8.50/tonne for second half of October/first half of November (cost and freight) CFR Japan on Wednesday as forward market sentiments remain weak, market sources said.
Likewise, the contango spreads between first half of November and first half of December had widened from $0.75/tonne to $4.00/tonne, markets sources added.
The naphtha market had come under pressure due to cutbacks from Northeast Asian cracker operators due to weak economics from downstream petrochemicals.
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