Naphtha prices in Asia recover to a three-session high

15-Jul-11
Asia's naphtha price recovered to a three-session high on Wednesday, cracks were at a two-session low, and timespreads stayed at a discount to reflect an overall slower demand and stockpiles, as per Reuters. Asia's top naphtha supplier Saudi Aramco is in talks to sell a combination of 40,000 tons of A-180 Yanbu naphtha and 15,000 tons from Jeddah for Aug. 13-15 loading and seems to be on the verge of deal conclusion. Asia's top naphtha supplier does not usually sell cargoes on a spot basis, but this came at a time when spot supplies are ample. South Korea's YNCC picked up around 100,000 tons of naphtha for H2-August arrival at a discount of US$3/ton to Japan spot quotes on a cost-and-freight (C&F) basis, to benefit from weaker prices. Except for South Korea, spot demand in Taiwan and Japan was muted. Weak ethylene margins are putting pressure on the naphtha demand amid Chinese efforts to tame an overheated market.
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