Naphtha prices in Asia continue to firm on steady demand from Taiwan and tight supply

16-Mar-12
Naphtha prices in Asia continue to firm as demand remained steady from Taiwan and supply remained tight on the back of refinery maintenance, as per Reuters. Formosa emerged in the spot market to seek unspecified volumes in second half April, after having already bought 100,000-120,000 tons of open-spec naphtha. H2-April and H1-May open-spec naphtha price were at US$1,107.50/ton and US$1094/ton respectively, while cracks rose to US$169.25/ton. While naphtha was supported, it was expected to ease in May, traders said. Backwardation eased from April to May due to expectations of better supply from the Middle East. The prompt market is still tight as inventories are low.
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