Asia’s naphtha prices opened sharply lower on Friday morning, triggered by steep losses in global crude futures overnight, as per ICIS. Open-spec H1-August contract fell by US$16.50-17.50/ton from Thursday to US$851.50-854.50/ton CFR (cost & freight) Japan, ICIS data showed. Fundamentally, the Asian naphtha market is getting bearish amid excess cargo availabilities resulting from huge western deep-sea inflows.
The July NYMEX light sweet crude contract plunged by US$2.84/bbl to US$95.40/bbl on Thursday, while London Brent crude futures for August tanked by US$3.97/bbl to US$102.15/bbl. A strong dollar and a selloff in global stock markets had sparked off the losses in crude futures.
24-Jun-13 
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