01 August 2013 11:14 [Source: ICIS news]
SINGAPORE (ICIS)--Asia is poised to receive 1.2m tonnes of deep-sea naphtha supply from the western markets in August, traders said on Thursday.
The volumes rose from July, when around 1.1m tonnes of arbitrage naphtha material landed in Asia, they said.
The arbitrage supplies hailed from northwest Europe, the Mediterranean, Russia and the US, traders said.
At the close of Asian trading on Thursday, the naphtha backwardation between the second-half September and second-half October contracts narrowed to $3.75/tonne (€2.81/tonne) from a backwardation of $4.50/tonne on Wednesday, ICIS data showed.
The weaker backwardation was a consequence of rising supply from the West, traders said.
($1 = €0.75)
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