Asian naphtha prices rebound from a three-session low to reach week highs

Naphtha prices in Asia have rebounded from a three-session low to reach a week's high on Monday. Naphtha cracks rose to a 1-1/2 month high, although they are still 17% below this year's average, as per Reuters. Traders reiterated that sellers continued to grapple with high supplies, which was clearly reflected in a spot purchase by South Korea's Honam Petrochemicals. Currently, Western naphtha prices are firmer than in Asia. Traditionally, Asian prices have been higher than European naphtha values, but so far in July, the trend has been reversed as sellers find limited support from Taiwan and Japan.
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