Asia naphtha prices plunge, crack spread down 19%

14 August 2012 11:07  [Source: ICIS news]

SINGAPORE (ICIS)--Open spec naphtha prices in Asia closed sharply lower on Tuesday, with the crack spread plunging to below $80.00/tonne (€64.80/tonne) because of weaker physical cash deals, traders said.

Naphtha fell by $14/tonne from Monday’s close to $933.00-935.00/tonne CFR (cost and freight) Japan on Tuesday, the lowest in three successive trading sessions, according to ICIS data.

Prices had fallen from over three-month high levels of $947.00-949.00/tonne achieved on Monday.

The September naphtha crack spread against September Brent crude futures lost 19% from Monday’s close to $78.25/tonne – the weakest since July 31 when the crack spread was $69.78/tonne, ICIS data showed.

($1 = €0.81)

By: Felicia Loo

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