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Naphtha markets turn bullish

10
Dec '09
Naphtha prices in Asia rose on Tuesday, as market trends again turned bullish. Brokers said that current spread of naphtha in the second half of January and January Brent crude futures rose by US $12.80 to $153.20 per ton.

Buying interest in local markets resumed, as Formosa Petrochemical intended to buy naphtha for delivery in the second half of January through tenders. The tender would close on Wednesday.

On the supply side, market participants said that, while more European arbitrage shipments may be restricted by high freight rates, spot supply in the Middle East and India is still expected to increase.

Dealers said on Tuesday that Saudi Aramco Oil Company intended to sell naphtha cargo with shipment in the first half of 2010 at higher level than the second half of 2009, which was in line with market forecasts.

It is believed that Saudi Aramco was able to sell A-180 light naphtha at a premium of $14 per ton and Jubail Chemical Raw Material was able to sell A-310 at a premium of $12 per ton, both above the prevailing markets rates. The prices were not immediately confirmed. Saudi Aramco Company sells naphtha at FOB (FOB) price.

Contract price of Japan's open specification naphtha for shipment in the second half of January rose $7 per ton from the previous trading day, to $728.50 per ton. Half month spread of the first half of February maintained at $7.5 per ton. The full month spread of the second half of January remained at $12.50 per ton.


Fibre2fashion News Desk


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