Asia’s naphtha prices rises above $970/tonne CFR Japan

29 August 2013 10:42  [Source: ICIS news]

SINGAPORE (ICIS)--Open-spec first-half October naphtha prices in Asia closed at more than $970/tonne (€728/tonne) CFR (cost & freight) on Thursday, amid concerns over escalating tensions in the Middle East which could threaten oil supplies.

Prices rose to $970.75-972.75/tonne CFR Japan, the highest since 1 March this year, according to ICIS data.

On Wednesday, prices settled at $967.50-969.50/tonne CFR Japan.

The surge in prices on Thursday was also triggered by physical naphtha trades in the open market, traders said.

The first-half November contract changed hands at $969.00/tonne CFR Japan from oil major Shell to trading firm Vitol.

Trading firm Glencore bought the second-half October contract from Vitol at $971.00/tonne CFR Japan as well as a first-half November contract from oil major BP.

($1 = €0.75)

By: Felicia Loo

AddThis Social Bookmark Button

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.

Printer Friendly

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