UpdateAsia’s naphtha rises above $900/tonne on higher crude, demand

08 July 2013 03:03  [Source: ICIS news]

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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)

By: Felicia Loo

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