Naphtha prices in Asia rise as cracks dip to their lowest in about 10 days

Lackluster spot trading has pushed down naphtha cracks to their lowest levels in about ten days. Naphtha prices, however, rose to this weeks high at a time when traders were busy attending the Asia Pacific Petroleum Conference (APPEC). In term talks, Taiwan CPC has accepted ADNOC's term price for splitter naphtha at a premium of US$14.50/ton to ADNOC's price formula on a free-on-board (FOB) basis for January-December 2010 lifting. CPC has also accepted Kuwait's offer at a premium of US$14/ton to Middle East quotes on a FOB basis for supplies loading December 2009-November 2010.
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