08 February 2011 07:29 [Source: ICIS news]
SINGAPORE (ICIS)--Asia will receive around 500,000 tonnes of deep-sea European naphtha supplies next month, coinciding with the start of peak cracker maintenance in ?xml:namespace>
“The arbitrage supplies will be largely heavy naphtha, and that [arbitrage is] causing prices to weaken for second-half March contract,” one trader added.
The spread between second-half March and second-half April contracts narrowed to a backwardation of $5.00/tonne (€3.70/tonne) on Tuesday from $9.00/tonne in backwardation last week, ICIS data showed.
($1 = €0.74)
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