Brent crude spikes: Naphtha prices in Asia hovers around 2-½ year high

After touching US$103.4, crude oil for April delivery dropped for the day to US$97.2 on the Nymex, while Brent crude hit US$119 before dropping back to US$114. Front-month H1-April naphtha prices spiked by seventy dollars to US$992/ton, peaking to levels highest since Sept. 1 2008, when prices spiked to US$1006/ton. Cracks hover around US$116/ton premium as per Reuters. Naphtha price rose in line with robust crude oil values that have soared on concerns that tensions in Libya could spread across the oil-rich Middle East.
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