Naphtha, gasoline cracks restored to three month highs

24-Aug-11
Naphtha price in Asia extended gains to reach a three-session high on Tuesday, while cracks recovered to the highest levels in about 3-1/2 months after a marginal fall on the previous day, as per Reuters. Sentiment stayed firm with few sellers in the market as some of the naphtha has been committed to term deals, and the balance feeding the gasoline pool. Premium to the tune of US$4-5 was paid by LG Chem to Japan spot quotes on a cost-and-freight (C&F) basis for about 100,000 tons of naphtha for H1-October arrival, the highest premium paid by a South Korean firm since early May. The price for front-month H1-October open spec naphtha rose by US$25 to US$953.50/ton, while cracks recovered y over 5 dollars to US$136/ton premium.
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