Asia naphtha market mired in contango; fundamentals weak

摘要

SINGAPORE (ICIS)--Asia’s naphtha prices registered modest gains in response to firmer crude oil futures, although the market was fundamentally bearish amid plentiful supply, market sources said on Friday. At midday, open-spec naphtha prices were at $461.50-463.50/tonne CFR (cost and freight) Japan, up $5.50/tonne from Thursday’s close. Spot naphtha prices were also up by some $4/tonne compared with levels in the previous week, according to ICIS data.