Asia’s naphtha prices fall to two-week low on global crude losses

04 October 2012 03:52  [Source: ICIS news]

SINGAPORE (ICIS)--The open-spec naphtha prices in Asia fell on Thursday morning to a two-week low of $927/tonne CFR (cost & freight) Japan, following steep overnight losses in global crude futures, traders said.

Prices for the first-half November naphtha contract declined by $20/tonne from Wednesday to $926-928/tonne on Thursday morning, according to ICIS data.

NYMEX light sweet crude for November delivery fell by $3.75/bbl from the previous close to $88.14/bbl on Wednesday, undermined by a firmer US dollar as well as weak economic data from China and the eurozone.

The US dollar received a boost from data showing an improvement in employment and in the US services sector.

Meanwhile, China’s purchasing managers index (PMI) for the service sector fell in September to 53.7 from 56.3 in the previous month, suggesting the country's oil consumption could weaken.

The widely followed Markit Eurozone Composite’s PMI fell to 46.1 in September from 46.3 in August, indicating that the eurozone slipped back into recession in the third quarter.

Additional reporting by James Dennis

By: Felicia Loo

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