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)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections