04 September 2012 10:42 [Source: ICIS news]
SINGAPORE (ICIS)--Asian naphtha prices spiked to more than $1,000/tonne (€790/tonne) on Tuesday on the back of a regional supply crunch, traders said.
The second-half October contract for open-spec naphtha rose by $14.50/tonne from Monday to $1,010-1,012/tonne CFR (cost and freight) Japan, according to ICIS data.
The levels were the highest since 30 April, when the prices stood at $1,020/tonne CFR Japan, the data showed.
Stronger crude futures also helped shore up prices, while the naphtha crack spread versus October crude futures widened to $140.10/tonne – the highest since 24 April, according to the data.
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($1 = €0.79)
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