Asia naphtha crosses $1,000/tonne mark on crude rally

03 March 2011 02:37  [Source: ICIS news]

SINGAPORE (ICIS)--Asia naphtha was valued at above $1,000/tonne (€720/tonne) on Thursday morning, triggered by a global crude rally, traders said.

For second-half April naphtha contract, the bid/offer levels were $1000-1004/tonne CFR (cost & freight) Japan, they added.

The contract closed at $990-992/tonne CFR Japan on Wednesday, according to ICIS data. No deals were done.

By 02:22 GMT, NYMEX crude futures were up 35 cents at $102.58/bbl while Brent crude futures gained 40 cents at $116.75/bbl.

The jitters in the Middle East and the chaos in Libya continued to push up prices, traders said.

($1 = €0.72)

For more on naphtha, visit ICIS chemical intelligence

By: Felicia Loo

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