Asia naphtha crack spread further narrows to $12.45/tonne
12 June 2012 10:54 [Source: ICIS news]
SINGAPORE (ICIS)--?xml:namespace>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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