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Naphtha and aromatics prices in Asia surged on Tuesday

February 22/2011

(ICIS) -- Naphtha and aromatics prices in Asia surged on Tuesday as global crude futures continued to spike on concerns of supply disruption amid the ongoing political unrest in Libya. At 09:26 GMT, light sweet crude for March delivery was trading at $94.02/bbl, up $7.82/bbl from Friday's close since the US market was closed for a holiday on Monday, while BRENT was up $1.92/bbl at $107.66/bbl. Crude futures were trading close to their highest levels seen since late 2008.

Asian naphtha prices surged to the highest levels since August 2008 at $926-928/tonne CFR (cost &freight) Japan on Tuesday, fired up by soaring global crude futures.

Traders in Asia earlier said prices were rising on reports that a Libyan port was closed. However, a shipping source in Libya told ICIS that ports were not closed though telecommunications were down and contact between agents and ships was through electronic mail.

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