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