Asia naphtha up at highest levels since July 2008

11 April 2011 10:38  [Source: ICIS news]

SINGAPORE (ICIS)--Asia naphtha prices closed higher on Monday at $1,062.50-1,064.50/tonne (€733.1-734.5/tonne) CFR (cost & freight) Japan, the strongest levels since 25 July 2008, according to ICIS data.

Naphtha prices settled at $1,058-1,060/tonne CFR Japan on Friday, the data showed.

The market is facing snug supply because of limited deep-sea imports from Europe, where a key refinery was shut and much naphtha supplies were needed for gasoline blending, traders said.

Robust crude oil futures also underpinned prices of the petrochemical feedstock, they added.

($1 = €0.69)

For more on naphtha, visit ICIS chemical intelligence

By: Felicia Loo

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