Asia naphtha hits 3-year low of $443/t on crude

21 October 2008 12:28  [Source: ICIS news]

SINGAPORE (ICIS news)--Asian open-spec naphtha has traded at a fresh three-year low of $443/tonne (€332/tonne), falling $14/tonne for a first-half December contract on the back of weak crude oil prices, traders said on Tuesday. 

The deal, done on a cost and freight (CFR) Japan basis, was fixed by oil major Shell, which snapped up two contracts for the first half of December, one each from oil trader Glencore and oil major BP at the same price.

These prices were last seen in July 2005, market sources said.

Naphtha demand from northeast Asian cracker operators has been lacklustre in the fourth quarter, as many have cut rates amid battered downstream petrochemical markets.

($1 = €0.75)

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By: Desmond Chia
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