Singapore-Liquidity in the lively Asian naphtha market is likely to take a hit as a result of Singapore-based Mitsui Oil Asia's temporary absence from the market after it booked up to 81 million in losses on naphtha-related trades, industry sources said. MOAS took the hit after a rogue naphtha trader hid rising losses in the physical and futures market from the company with false reporting (ON 22/11). MOAS has since liquidated its positions in the futures market but will continue to fulfil its physical commitments, a Mitsui spokesman said.
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