12 July 2013 10:53 [Source: ICIS news]
SINGAPORE (ICIS)--Asia’s naphtha crack values and intermonth spreads have strengthened to more than a month’s peak on Friday, underpinned by robust gasoline blending demand and strong buying needs of regional cracker operators, traders said.
The prompt naphtha crack spread against August Brent crude futures widened by 6% from Thursday to $106.68/tonne (€81.08/tonne) on Friday. The crack spread was assessed at $100.75/tonne on Thursday, ICIS data showed.
The naphtha backwardation for the second-half August and the second-half September contracts, widened to $9.00/tonne, from a backwardation of $8.00/tonne a day ago, the data indicated.
The spread was firmer compared with a backwardation of $5.75/tonne on 5 July.
At the close of trade on 12 July, the first-half September contract was traded twice at $908.00/tonne, with the first deal changing hands from trading companies Mabanaft to Cargill, and with Japanese firm Itochu buying from oil major Shell in the second deal, traders said.
($1 = €0.76)
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