07 April 2011 10:59 [Source: ICIS news]
(Recasts with detail)
SINGAPORE (ICIS)--Asian naphtha prices closed higher on Thursday at $1,034-1,035/tonne (€724-725/tonne) CFR (cost & freight) Japan, the highest since 22 August 2008, according to ICIS data.
In open market trading, two physical deals were done. Trading company Vitol sold a second-half May naphtha cargo to trader Trafigura at $1,035/tonne CFR Japan while Noble bought a first-half June stem from Shell at $1,030/tonne CFR Japan, traders said.
Prices were underpinned by robust crude futures, with Brent crude hovering at under $122/bbl, ICIS data showed.
Naphtha prices were assessed as $1,036-1,038/tonne CFR Japan as of 22 August 2008, it stated.($1 = €0.70)
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