Cracks spike in Asia as naphtha moves West

Naphtha prices in Asia have spiked by ten dollars, touching a three-week high, with physical cracks having surged to their highest in more than two weeks, as cargoes head West. About 300,000 tons of Middle Eastern and Suez naphtha cargoes have either been fixed, or provisionally booked for July-August lifting in a rare move to the West to help ease the high stockpiles in Asia. As per Reuters, the move also put the brakes on discounts on spot cargoes and intermonth spread contango from getting wider. South Korea's Honam bought 25,000 tons of naphtha for H2 August arrival at Daesan at around minus US$10/ton to Japan spot quotes on a cost-and-freight (C&F) basis. The discount was narrower than what YNCC paid on July 19 for 50,000 tons for the same arrival period at minus US$13.50/ton C&F.
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