03 October 2012 11:12 [Source: ICIS news]
Naphtha prices for the second half of November delivery closed at $946-948/tonne (€728-730/tonne) CFR (cost & freight) Japan on Wednesday, the weakest since 21 September when naphtha prices were assessed at $943-944/tonne CFR Japan, according to ICIS data.
The naphtha crack spread versus November Brent crude futures plunged to $116.83/tonne, the lowest since 21 September, ICIS data showed.
There were three physical trades for delivery in the first half of December, with trading firm Glencore selling two cargoes to Japanese trading houses ITOCHU and Marubeni at $941/tonne CFR Japan and $940/tonne CFR Japan respectively, traders said.
German trading firm Mabanaft sold a cargo to Anglo-Dutch major Shell at $940/tonne CFR Japan, they added.
The Asian Development Bank (ADB) said on Wednesday that it has cut the 2012 and 2013 growth forecasts for developing
($1 = €0.77)
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