31 October 2012 03:08 [Source: ICIS news]
The spread between the first half of December contract and the first half of January contracts widened to $18/tonne (€14/tonne) in backwardation on Tuesday from $17/tonne on Monday, according to ICIS data.
The spread is at its strongest levels since 15 May when the intermonth spread soared to $28/tonne, the data showed.
The spread between the second half of December contract and the second half of March contract was at $40/tonne at the close of trade on 30 October, traders said.
The wider the backwardation, the stronger the front-month market is.
On Tuesday, the naphtha crack spread closed at $143.10/tonne – the highest since 12 September, according to ICIS data.
“There is strong demand from
On Wednesday morning, open-spec naphtha prices for the first half of December contract dropped by $4-6/tonne from Tuesday at $958-961/tonne CFR (cost & freight)
($1 = €0.77)
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