08 July 2013 03:03 [Source: ICIS news]
(adds details in last paragraph)
SINGAPORE (ICIS)-Asia’s naphtha prices rose to above $900/tonne (€702/tonne) CFR (cost & freight) Japan in early trade on Monday, extending crude-driven gains as Brent crude futures inched towards $108/bbl.
Open-spec second-half August prices rose by $15.50-16.50/tonne from prices on 5 July to $904.50-907.50/tonne CFR Japan, ICIS data showed.
Crude futures were supported by fresh unrest in the Middle East as Egypt’s military went on high alert after being attacked.
In addition, a halt in exports from Libya’s Es Sider terminal drove up crude prices.
Fuelling oil prices further, US non-farm payrolls saw an unexpected rise in June.
In Asia, the heavy supply situation has started to ease as traders held back barrels in view of rising demand from northeast Asian crackers amid stable-to-firm derivatives markets, traders said.
The emergence of firm spot naphtha buying from Taiwan and South Korea last week helped bolster market sentiment, with spot premiums transacted also on the rise, they added.
($1 = €0.78)
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