Naphtha price in Asia recovered on Friday and ended the week at a three-session high of US$963/ton, as per Reuters. The intermonth premium stayed at US$13/ton for the fifth straight session in a market marked by limited spot purchases from petrochemical makers. Ongoing term talks and a holiday in South Korea have caused buyers to retreat temporarily.
Kuwait Petroleum Corp (KPC) has sealed its December 2012 to November 2013 full-range naphtha contract for with at least one buyer at record premiums of US$27/ton to Middle East quotes on a free-on-board (FOB) basis. Abu Dhabi National Oil Co. (ADNOC) will delay its naphtha term shipments to February 2013-January 2014 instead of from January-December 2013. The cause for the delay is unclear and could be a production problem or anticipation of a weaker market.