Naphtha cracks in Asia recover

Asia's naphtha price hover at near four week highs, while naphtha cracks have recovered by about 1.5% after sinking to their lowest in two weeks, as per Reuters. A factor that will boost the market is that it is still not economical to partially switch to liquefied petroleum gas (LPG). Strong European demand could have also boosted sentiments in the East. However, few traders remain unconvinced that supplies are as tight as they looked. South Korea has mostly completed spot purchases for H1-May: YNCC has purchased a 25,000 ton open-spec naphtha cargo with at least 70% paraffin content for H1-May arrival at Yeosu at premiums of around US$5.50/ton to Japan quotes on a cost-and-freight (C&F)) basis, the lowest premium any buyer from the country has paid in 1-½ months. The price for front-month H2-May rose US$15.50 to US$1017/ton, highest since March 10 which was also at the same level. Naphtha cracks edged up to US$119.63/ton premium.
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