Naphtha cracks in Asia dip by almost 15% from February

As supplies start increasing, naphtha cracks in Asia ended the week at US$148.25/ton, more than 15 percent lower than a month ago. India's exports for April are expected to hit a four-month high of about 900,000 ton, hence supplies are no longer as limited as before, although ongoing refinery maintenance in the Middle East will cushion any likely sharp price drops, as per Reuters. Japan's Idemitsu was heard seeking spot volumes for H1-May arrival but price details were not known. But overall naphtha demand in Japan is expected to be lower after Showa Denko shut a 695,000 tpa cracker on March 15 following problems at a gas cooling unit.
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