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.
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|