Till date in April, Singapore naphtha has been quoted at US $52.54 per barrel with average prices ruling at $50.13 till Wednesday, up $3.88 per barrel over the average price of the previous month.
Light distillate oil in Asia moved higher, boosted by rising Brent crude futures, but naphtha market is in a reverse trend and price differential has narrowed, due to adequate supply of refined oil in India.
Petrochemical majors like IOC, ONGC, HPCL and Reliance Petroleum from India have expressed interest in purchasing and participating in spot naphtha tenders.
Naphtha cargo of Japan's open benchmark specifications for shipment in the second half of May has increased by $16.50 to $484.50 per ton. Spread between May and June contracts has narrowed to $5.50 per ton.
Fibre2fashion News Desk - China
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