16 August 2012 03:59 [Source: ICIS news]
SINGAPORE (ICIS)--Open-spec naphtha prices in Asia spiked during the morning trade to over $960/tonne (€778/tonne) buoyed by strong overnight gains in Brent crude futures, traders said on Thursday.
Naphtha prices for the first-half October contract rose by $15-17/tonne CFR (cost and freight) Japan from Wednesday to $963-$966/tonne CFR Japan, the highest since 4 May when prices were $965.50/tonne CFR Japan, according to ICIS data.
Brent crude on ICE Futures were on a rally after weekly US stock figures from the Energy Information Administration (EIA) showed larger-than-expected draws on both crude and gasoline, while a small build on distillates was largely ignored.
The global gasoline bull market signalled more naphtha will be diverted into the gasoline blending pool, further supporting prices of the petrochemical feedstock, traders said.
($1 = €0.81)
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