Asian naphtha cracks at four-session low, naphtha prices recover

28-Sep-10
The last day of the week saw naphtha prices in Asia recover to a two-session high after ebbing to a two-week low on the previous day. Naphtha cracks were at a four-session low on muted spot demand from North Asia amid ample supplies. Mid week, Though CPC has restarted its 450,000 tpa cracker to run at 85% capacity over the weekend, the Taiwanese will not buy any spot naphtha because of high inventory levels since July as per Reuters. Formosa did not buy any spot parcels for October arrival, and is unlikely to buy spot cargoes for H1-November delivery.
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