Naphtha prices rise in line with stronger crude oil

07-Oct-09

Crude futures increases were triggered by a weaker US dollar, following reports that Gulf oil-producing states were in talks to replace it with a basket of currencies in pricing oil. The report, however, has been denied by the Gulf producers. As per ICIS, H2-November open-spec naphtha was notionally assessed US$16-17/ton higher at US$605/ton CFR Japan. The first-half December open-spec naphtha contract was valued $15-16/tonne higher at $605-606/tonne CFR Japan. Second half December was valued at $606-607/tonne CFR Japan. Deals for benzene were concluded at levels of US$720/ton FOB Korea for any November shipments, while a December lifting parcel was sold by a Japanese trader at the same rate.