Naphtha price and cracks rise: market unlikely to sustain the uptrend

Naphtha prices in Asia was at a three-session high on Tuesday in line with firm Brent crude, while cracks and timespreads recovered from a two-month low amid slow moving cargoes from Europe to the East. Naphtha exports have slowed down from Europe due to strong demand for gasoline, as per Reuters. Open-spec naphtha for front-month H2-May was at US$1075/ton, while cracks were at a two-session high of US$139.75/ton, up US$3.67. However, despite this uptrend, market players are unconvinced that the strength could last, especially when Asian demand is slower than before, as a result of cracker outages in the region. Concurrently, India's exports are being restored following refinery and port maintenance.
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