Naphtha price in Asia falls for third consecutive session

Naphtha price in Asia fell for the third straight session on Wednesday to reach its lowest in 1-1/2 weeks of US$858/ton, with its margin slipping to a four-session low of US$91.80/ton on weak demand in Europe, as per Reuters. Traders blamed the lacklustre gasoline demand in the west for having brought the Asian sentiment down. Healthy demand from South Korea did not turn the market around for the day. Top ethylene maker Lotte Chemical bought two cargoes of naphtha totalling about 50,000 tons for H2-June arrival at Daesan at a premium of about US$10/ton to Japan quotes on a cost-and-freight (C&F) basis.
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