Asia naphtha crack spread hits 11-week high at $96.13/tonne

02 August 2012 10:58  [Source: ICIS news]

SINGAPORE (ICIS)--Asia’s naphtha crack spread jumped by 20% to settle at an 11-week high on Thursday as regional cracker operators return to the market to seek spot material, traders said.

At the close of trade on 2 August, the crack spread between second-half September open-spec naphtha contracts and September Brent crude futures increased to $96.13/tonne (€78.83/tonne), up by $15.93/tonne from Wednesday, according to ICIS.

The second-half September naphtha contracts were also at an 11-week of $892.00-894.00/tonne CFR (cost & freight) Japan on 2 August, up $25.00/tonne from Wednesday, with the prices now on their fourth successive session of gains, according to ICIS.

 “Premiums are also [being] settled higher. [The] market is improving,” a Singapore-based trader said.

Indian refiners Bharat Petroleum Corp Ltd (BPCL) has sold its 35,000-tonne parcel from Mumbai for 28-30 August loading to Shell at a premium of $25.00/tonne to Middle East FOB (free on board) quotes, which is 25% higher than the premium in its last sales.

($1 = €0.82)

By: Ong Sheau Ling
+65 6780 4359

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