Spot naphtha up in Asia on fire at UAE’s Adnoc refinery
No casualties were reported while the extent of the damage is not known yet. The company announced that they started an extensive investigation about the incident.
A Chinese trader said, “Following the fire at Adnoc’s refinery was, export naphtha shipments from the Middle East may be affected; therefore, naphtha prices surged today.”
A Thai converter commented, “Naphtha prices rose by $20/ton due to a fire in one of the refineries in the United Arab Emirates. Several Middle Eastern suppliers concur that this incident will have impacts but they are not sure about the extent for now.”
Spot naphtha prices have already been on an upward move in Asia since early November while this recent incident helped prices firm up further on a weekly basis. They are reported at $520/ton CFR Japan, representing the highest levels of the past one and a half year.
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