Asia’s naphtha hits fresh near 10-month high

08 February 2013 07:33  [Source: ICIS news]

SINGAPORE (ICIS)--Asia’s open-spec naphtha prices closed stronger on Friday at $1,048.75-1050.75/tonne (€786.60-788.10/tonne) CFR (cost & freight) Japan, hitting a fresh near 10-month high on the back of rising Brent crude, traders said on Friday.

The gains in the market were also in response to a supply crunch in the region, where exports from India, the Middle East and Europe were tightening, they added.

In physical trading, a first-half April deal was done at $1,027.75/tonne CFR Japan, traders said.

The naphtha crack spread versus March Brent crude futures strengthened to $165.50/tonne, from $130.53/tonne in the previous week, while the second-half March/second-half April contract widened to $41.00/tonne in backwardation, from $28.00/tonne over the same period, ICIS data showed.

($1 = €0.75)

By: Felicia Loo

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