Crude futures weakened on Friday, after sharp fall of around 5% on Thursday, amid a strengthening in the US dollar, unemployment worries, and concerns over the strength of the Euro zone economies. As per ICIS pricing, Crue Mar WTI US$72.81/bbl down 33 cents/bbl and BRENT Mar US$71.55/bbl down 58 cents/bbl.
Downstream naphtha prices for H1-March open-spec naphtha edged up to US$690-702/ton CFR (cost and freight) Japan, trimming crude-triggered losses earlier in the session that saw prices falling by double-digits to US$698-701/ton CFR Japan. Thin supply from the Middle East and scarce arbitrage flows from Europe helped boost Asia’s naphtha crack spread to an 8-day high of US$161.375/tonne. The second-half March naphtha contract was assessed at US$684-696/ton CFR Japan, while H1-April contract was pegged at US$678.50-684./ton CFR Japan.
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