C2 up on tight supply

摘要

Naphtha prices strengthen by US16/tonne.Propylene and butadiene markets are also bullish.But methanol,MTBE,and ammonia see muted trading.Naphtha:The MoPJ rose for the third consecutive week to USUS432-435/tonne cfr Japan late on Wednesday from USUS407.75-41 I/tonne cfr Japan a week earlier.The sharp rise in prices was attributed to the open East-West arbitrage window,which helped Asian traders find homes for unplaced cargoes.The flow of cargoes from East to West had also narrowed the contango price trend in Asia.The contango between 1H March and 1H April contracts was down to around USUS4/tonne from USS9/tonne last week.