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Naphtha price scales twenty month high
06 May '10
1 min read
Naphtha price in Asia crossed the US $800 per ton level on Wednesday, being boosted by strong crude oil futures, for the first time in 20 months, i.e. since September 2008.
But the spread remains under pressure in recent months. Asian spot demand has softened slightly, due to expected large inflow of arbitrage cargoes.
Customers in Japan have returned to the market after a weeklong holiday, but the market is expected to remain cool.
Benchmark open specification naphtha in Japan for delivery in the second half of June rose by $12.00 to $800-803 per ton.
The spread between the second half of June and the first half of July was at $4.50 per ton, the spread between the second half of April and the second half of May was $8 per ton.
But the spread remains under pressure in recent months. Asian spot demand has softened slightly, due to expected large inflow of arbitrage cargoes.
Customers in Japan have returned to the market after a weeklong holiday, but the market is expected to remain cool.
Benchmark open specification naphtha in Japan for delivery in the second half of June rose by $12.00 to $800-803 per ton.
The spread between the second half of June and the first half of July was at $4.50 per ton, the spread between the second half of April and the second half of May was $8 per ton.
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