Naphtha prices in Asia ease from 33 month high

28-Apr-11

Naphtha prices in Asia eased from a 33 month high and cracks slipped to week-lows, but intermonth spreads stayed firm in view of tight supplies, as per Reuters. This can be mainly attributed to tight naphtha supplies with the arbitrage door shut. Front-month H1-June slipped to US$1088.50/ton, while cracks slipped by over five dollars to US$157.45/ton premium. India's Reliance sold 55,000 tons of naphtha for May 15-20 loading from Sikka to Cargill at premiums of about US$36/ton to Middle East quotes on a free-on-board (FOB) basis, highest premium fetched by an Indian refiner in more than a year.