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Asia naphtha backwardation seen firming on healthy demand

Focus Asia naphtha backwardation seen firming on healthy demand

Focus article by Felicia Loo

SINGAPORE (ICIS)--Asia’s naphtha backwardation is expected to widen on the back of firm regional demand, as well as prospects of lower deep-sea arbitrage supply, traders said on Monday.

At midday, open-spec naphtha prices were at $435.00-436.00/tonne CFR (cost and freight) Japan, down by 50 cents from 23 January in tandem with global crude futures.

However, in a sign of a market rebound, the naphtha intermonth spread had flipped into backwardation for the first time since 9 December 2014.

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