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Asian naphtha sharply rise with crude oil price boost
21
Feb '08
According to reports, on February 20, naphtha market price for open specifications of Japanese benchmark for the first half of April rose from US $13.50 to $903.50 - $904.50 per ton. This new record was supported by breakthrough of $100 per barrel mark in crude oil futures yesterday.

The price gap between first and second half of April widened by 50 cents to $5 per ton, due to tight supply, although Western naphtha arbitrage cargo flowed in.

In spot market, one single deal was reported. Recently, Sietco Company from China sold one naphtha cargo at $899 per ton to Itochu Company to be shipped in second half of April.

Fibre2fashion News Desk - China

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