UpdateAsia naphtha tops $970/tonne as crude gains more than $1/bbl

23 August 2012 11:31  [Source: ICIS news]

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SINGAPORE (ICIS)--Open-spec naphtha prices in Asia spiked during the afternoon trade on Thursday, topping $970/tonne (€776/tonne), as crude futures rose by more than $1/bbl on US Fed stimulus hopes, traders said.

Naphtha prices for the first-half October contract climbed by $21/tonne from Wednesday’s close to $974.50-976.50/tonne CFR Japan on Thursday – the strongest since 3 May when prices stood at $992-994/tonne CFR Japan, according to ICIS data.

The naphtha crack spread strengthened to $104.68/tonne against October Brent crude futures, marking it the highest since 3 May when the crack spread was at $106.88/tonne, the data showed.

In the physical trading, Marubeni bought the spread between the first half of October and the first half of November contracts at $4.50/tonne, traders said.

The backwardation for the first-half October/first-half November contracts was assessed at $4.50/tonne, rebounding from $3.00/tonne earlier in the week, ICIS data showed.

At 18:14 Singapore time (10:14 GMT), October Brent crude on London’s ICE futures exchange was trading at $116.22/bbl, up by $1.31/bbl from the previous close.

($1 = €0.80)

By: Felicia Loo

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