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Article: Naphtha's surge.(Marketview)
- Article from:
- Petroleum Intelligence Weekly
- Article date:
- April 30, 2007
CopyrightCOPYRIGHT 2007 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SINGAPORE -- Naphtha has been charging across Asia's products stage since the start of this year, leaping to record high prices that buyers here describe as "crazy." Naphtha may be going through a price correction right now but market players fully expect the upward momentum to resume.
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Buoyed by tight supplies due to lower Indian exports and fresh demand from new petrochemical expansions, naphtha prices hit new records in March when the crack spread against ICE Brent soared past the $200/ton mark and backwardation for intermonth spreads expanded to more than $15/ton. The Mean of Platts Japan (MOPJ) for open-spec material on a c.i.f. ...