Asia naphtha crack spread further narrows to $12.45/tonne

12 June 2012 10:54  [Source: ICIS news]

SINGAPORE (ICIS)--Asia’s naphtha crack spread continued its descent, falling below $15/tonne (€12/tonne) on Tuesday because of a deluge of supply and shrinking demand for petrochemicals, traders said.

At the close of Tuesday’s trade, the crack spread between second-half July open-spec naphtha and July Brent crude futures fell to $12.45/tonne from $17.63/tonne on 8 June, according to ICIS.

“The fundamentals are just too weak. Cracks are really pathetic now,” a trader said.

The second-half January naphtha contract fell by $36.50/tonne to $740.00-742.00/tonne CFR (cost and freight) Japan, according to ICIS.

($1 = €0.80)

By: Ong Sheau Ling
+65 6780 4359

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