Asia to get 500,000 tonnes deep-sea European naphtha in March

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 South Korea and Japan, traders said on Tuesday.

“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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By: Felicia Loo

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