Asia’s naphtha tumbles on hefty overnight crude losses

21 June 2013 03:25  [Source: ICIS news]

SINGAPORE (ICIS)--Asia’s naphtha prices opened sharply lower on Friday morning, triggered by steep losses in global crude futures overnight, traders said.

Open-spec first-half August contract fell by $16.50-17.50/tonne (€12.54-13.30/tonne) from Thursday to $851.50-854.50/tonne CFR (cost & freight) Japan, ICIS data showed.

The July NYMEX light sweet crude contract finished down by $2.84/bbl to $95.40/bbl on Thursday, while London Brent crude futures for August spiralled down by $3.97/bbl to $102.15/bbl, the data showed.

A strong dollar and a selloff in global stock markets had sparked off the losses in crude futures, according to market players.

($1 = €0.76)

By: Felicia Loo

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