22 November 2010 07:03 [Source: ICIS news]
(adds state of naphtha market in paragraphs 8-13)
By Felicia Loo
For December, the volumes were expected to be 450,000 tonnes, and the remainder would be for January arrivals, they added.
“The arbitrage cargoes will prevent the market from overheating,” said a trader in
Last week, the European naphtha cargo market traded within a range of $760-790/tonne (€555-578/tonne) CIF (cost, insurance and freight) NWE (northwest Europe), versus $796-806/tonne CFR (cost and freight) Japan in Asia, ICIS data showed.
Demand from end-users remained strong in
The prompt first-half January naphtha crack spread versus January ICE Brent crude was assessed at $156.03/tonne on 19 December, up from $150.13/tonne on the previous week, ICIS data showed.
Naphtha prices took a breather late last week, following news that Taiwan’s Formosa Petrochemical Corp might delay the delivery of 100,000-120,000 tonnes of naphtha to January from December, as its 1.03m tonne/year No 2 naphtha cracker in Mailiao did not start up smoothly after a regular turnaround.
Unipec, an outfit of
At midday, the intermonth spread between first-half January and first-half February naphtha contracts held at a firm $7/tonne in backwardation, versus $4/tonne two weeks ago and that signalled a still bullish market, traders said.
($1 = €0.73)
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