Naphtha prices in Asia at over two year highs in line with robust Brent crude

23-Feb-11
Open spec naphtha for front-month H1-April spiked by over 30 dollars to US$927/ton in line with robust Brent crude values. This is the highest level that Asian naphtha has peaked to since Sept. 4 2008 at US$946/ton. The spike is in line with strong Brent crude supported by concerns that the revolt in Libya is likely to spread in more nations of the Middle East as per Reuters. Naphtha cracks hit a two-week high on the tension. However, some players opine that the market could be over-reacting, akin to when Egypt was in turmoil.
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