Profit from processing crude oil into naphtha rose in Asia on signs an economic recovery will boost demand for petrochemicals as per Bloomberg. Naphtha swaps discount to benchmark Dubai crude reduced by US$1.48 to US$2.57 a barrel. Japan open-specification naphtha forward contracts for H2-July delivery were bid at US$670.50/ton against offers at US$673.50 - about 0.2% higher than US$670.50 on June 11.
An uptrend is expected in naphtha demand in the region as business conditions have improved from three months ago, helping to bolster exports. Overall naphtha deliveries in the Asia-Pacific climbed 0.8% in April over March, with China posting a 42% increase.