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Asias naphtha backwardation is likely to strengthen

August 26/2011

(ICIS) -- Asias naphtha backwardation is likely to strengthen on expectations that Taiwanese Formosa Petrochemical Corp (FPCC) would restart its long overdue 700 KTa No 1 naphtha cracker at Mailiao sometime in September, traders said on Friday. The expectations of a restart have raised hopes of higher demand for naphtha in a market already quite short of molecules, traders said on Friday.


The time spread between the first-half October and first-half November contracts was assessed at USD 6/tonne (EUR 4.20/tonne) on Thursday, the strongest since 16 May when the inter-month spread was at USD 7/tonne, according to ICIS.


The naphtha crack spread versus October Brent crude futures was valued at USD 135.60/tonne, up by USD 6.35/tonne on the previous week.


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