SINGAPORE (ICIS)--Asia’s naphtha crack surged to the highest levels in nearly 11 months on Friday, supported by a flurry of physical deals and rising crude futures, traders said.
The naphtha crack spread versus the February Brent crude futures was assessed at $172.80/tonne – the strongest levels since 15 February last year when it closed at $190.03/tonne, ICIS data showed.
Open-spec naphtha prices rose by $6.25-7.25/tonne from midday to $975.50-977.50/tonne CFR Japan on Friday, ICIS data showed.
At the close of trade on Friday, the first-half March contract was done at $967/tonne, while the second-half March contract traded twice at $958/tonne, traders said.
Meanwhile, the first-half/second-half March spread was traded at $9.25/tonne and the the second-half February/second-half March spread was done at $18.50/tonne, they said.