17 February 2010 10:08 [Source: ICIS news]
“They (ADNOC) will follow Kuwait Petroleum which was done at a record high,” said a trader, referring to the recent term contract locked in by Kuwait Petroleum Corp (KPC).
For ADNOC's current supply, between April 2009 and March 2010, the term price for pentane plus grade stood at a premium of $26.00/tonne FOB (free on board) while the term price for low-sulphur naphtha and splitter naphtha were at a premium of $24.50/tonne and a premium of $23.50/tonne respectively, they said.
The Asian naphtha market became depressed amid active peak cracker maintenance, as underscored by a weaker crack spread versus Brent crude at $122.60/tonne, a fresh three-month low.
($1 = €0.73)
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