JG Summit cancels tender to buy H1-Jan naphtha amid lack of market direction, weak demand

JG Summit has cancelled a tender to buy naphtha for H1-January delivery due to a lack of market direction and weak petrochemicals demand on the domestic front, as per Reuters. The Philippines' petrochemical maker, which operates a 320,000 tpa naphtha cracker, the only such unit in the Philippines, is running the unit at about 70% of its capacity. However, JG Summit may return to the market next week for feedstock, traders said. Brent crude affects naphtha as the latter follows the direction of the oil price, which has fallen below US$80 a barrel
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