Asia’s naphtha tops $930/tonne on energy complex rally

11 October 2013 03:07  [Source: ICIS news]

SINGAPORE (ICIS)--Asia’s naphtha prices marched higher on Friday morning, rising to more than $930/tonne (€688/tonne) in response to hefty overnight hikes in crude values, traders said.

Open-spec second-half November contract rose to $931-934/tonne CFR Japan, up by $12.50-13.50/tonne on Thursday, ICIS data showed.

November Brent crude futures closed up by $2.74/bbl to $111.80/bbl, while November NYMEX WTI futures settled $1.40/bbl higher at $103.01/bbl.

The rally in energy futures was sparked by concerns over instability in Libya and the prospects of the country’s oil production.

The potential for a deal to raise the US debt limit in the short term by lawmakers also provided upward support.

By: Felicia Loo

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