Naphtha demand thins out due to adamant high prices
07 Jun '08
1 min read
Spiraling crude oil prices led to similar gains in Asian naphtha prices, however, the market saw a thinning of demand on part of the end users who were away on holiday.
While the naphtha contract for second half of July sprang up by US $35 to $1,106 a ton, the naphtha premium against Brent fell slightly by $1.16 to reach $147.00 a on.
Market survey in India witnessed Reliance selling off 80,000 tons of naphtha to Trafigura at a premium of $20.00 a ton to Middle East quotes on a FOB basis. The deal was initially made with Projector who could not pay for the order due to financial crisis.
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