On Wednesday, April 8, Asian naphtha price rose to a new high for the second consecutive trading day, due to hike in crude oil futures overnight.
Naphtha price of Japan open specifications for the second half of May rose 4 cents, to US $922.50-923.50 per ton. The difference against the first half of June is narrowed by 50 cents to $2 per ton.
Spot market reached some transactions at higher level. Sietco sold one cargo to Petro-Diamond at $919 per ton to be shipped during the first half of June. Another cargo of Mitsui is sold to Trafigura at $ 919 per ton for the second half of June.
According to market reviews, 100,000 tons naphtha from Kuwait Oil Company for May shipment, has temporarily alleviated the tight supply situation caused by limited arbitrage cargoes from Europe. Strong demand for gasoline in the United States takes European arbitrage cargoes away from Asian market.
Singapore spot naphtha profit will show some positivity after being weak on poor demand; in the context of tight supply led by limited arbitrage cargoes from Europe, naphtha price may be soaring.
Merrill Lynch data show that Singapore spot naphtha maintained profits of about $1.28 per barrel, till the transaction ended by April 4.
Fibre2fashion News Desk - China
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