13 June 2012 11:15 [Source: ICIS news]
“This maybe [is] a three-and-a-half year low,” a South Korean cracker operator said.
Naphtha crack spreads have been steadily falling since end-May.
“At the rate the crack spread is falling, it may just slip into the negative territory,” a Singapore-based trader said.
The second-half July naphtha contract was at $733.00-735.00/tonne CFR (cost and freight)
“There is no support to the cracks. Refineries may still run high, as they could cover their loss, given the robust demand of gasoline,” another cracker operator said.
($1 = €0.80)
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