Asian naphtha dips to 4 session low, but cracks trend up despite arbitrage cargoes

17-Nov-10
Asian naphtha prices have dipped to a four-session low at the beginning of the week, but cracks trended up for the fourth session to a two-week high, despite incoming arbitrage cargoes, as per Reuters. Arbitrage volumes fixed and put on provisional bookings rose in the week by 100,000 tons to around 400,000 tons for December arrival. Expectations that these volumes could rise to 500,000 tons failed to dampen sentiments. However some of the volumes are on provisional bookings (with the option to sail East or West), hence all of them may not land in Asia eventually. Demand from China, South Korea and Japan could absorb 300,000-400,000 tons. Buying is expected to continue in China as the country id plagued by a diesel crisis.
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