Asia naphtha tops $970/tonne, near nine-month levels

22 November 2013 03:26  [Source: ICIS news]

SINGAPORE (ICIS)--Asia’s open-spec naphtha prices have risen to near nine-month high levels on Friday, topping $970/tonne (€728/tonne) in response to robust overnight gains in crude futures.

The first-half January open-spec naphtha contract rose by $13.50-14.50/tonne from 21 November to $973.75-976.75/tonne CFR (cost & freight) Japan, ICIS data showed.

The prices were at their strongest levels since 28 February 2013 when naphtha prices closed at $997.00-999.00/tonne CFR Japan, the data indicated.

NYMEX WTI crude futures for January settled $1.59/bbl higher at $95.44/bbl on 21 November, following release of economic data showing a larger-than-expected decline in claims for unemployment benefits in the US.

January Brent crude futures also closed stronger by $2.02/bbl overnight at $110.08/bbl.

A strong rally is gasoline also boosted crude prices.

Reformulated blendstock for oxygen blending (RBOB) gasoline and diesel futures increased in response to supply statistics from the Energy Information Administration (EIA) that showed a drawdown in gasoline and distillate inventories.

($1 = €0.75)

By: Felicia Loo

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