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Naphtha futures weaken

16
Jan '10
Brokers said that the premium of naphtha paper goods for the second half of February against February Brent crude futures reduced US $7 to $163 per ton on January 13, because regional demand slightly softened compared to the first half of February, but supply was still tight as exports from the Middle East were lower.

National Oil Company of Abu Dhabi reduced its supply of naphtha, which may give support to premium of naphtha spot, even though supply in Asian region declined slightly from the previous high.

Formosa Petrochemical is seeking naphtha cargo for deliveries in the second half of February through spot tender; the premium level is based on $15-18 per ton of Japan's price. In transaction window, Sempra sold a cargo to Itochu for shipment in the second of March at $731per ton.

Brokers said the benchmark naphtha of Japan's open specifications for arrival in the second half of February fell $24 from the previous day to $750 per ton. The half-month spread against the first half of March is $11 per ton, and the full-month spread against the second half of March is $19 per ton.

Fibre2fashion News Desk - India


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