03 June 2013 03:02 [Source: ICIS news]
SINGAPORE (ICIS)--Asia’s naphtha prices tumbled on Monday morning, triggered by losses in Brent crude futures, traders said.
Open-spec second-half July prices fell by $17-18/tonne (€13-14/tonne) from 31 May to $843.50-846.50/tonne CFR (cost & freight) Japan, the weakest since 3 May 2013, according to ICIS.
July Brent crude futures settled down by $1.80/bbl to $100.39/bbl on 31 May, while July NYMYEX WTI crude closed lower by $1.64/bbl to $91.97/bbl on the same day.
On Monday morning at 0249 GMT, Brent crude futures traded 49 cents lower at $99.90/bbl.
Meanwhile, there are concerns over weakening petrochemical demand in Asia at a time of surplus naphtha supply flows from the western markets and high exports from India, traders said.($1 = €0.77)
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