UpdateAsia naphtha hits three-month peak on strong Brent crude

10 August 2012 03:37  [Source: ICIS news]

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SINGAPORE (ICIS)--Asia’s naphtha prices rose to a three-month peak on Friday morning trade, buoyed by a spike in Brent crude futures overnight, traders said.

Open-spec naphtha prices increased to $935-938/tonne (€757-750/tonne) CFR (cost and freight) Japan, the strongest since 9 May, according to ICIS data.

September Brent crude futures settled $1.08/bbl higher at $113.22/bbl on Thursday, as tight supplies in the North Sea proffered underlying support to Brent. Besides declining production in the North Sea, the crisis in the Middle East also provided support.

Asian naphtha prices closed at $922.50-924.50/tonne CFR Japan on Wednesday, up $9/tonne from Tuesday, ICIS data showed. The Singapore oil market was closed on Thursday for a public holiday.

At the close of trade on Wednesday, the Asian naphtha crack spread for second-half September widened to $87.48/tonne against Brent crude futures, according to ICIS data. The crack spread was assessed at $86.65/tonne on Tuesday, compared with $96.13/tonne on 1 August, ICIS data showed.

($1 = €0.81)


By: Felicia Loo



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