Last week saw Asia's naphtha crack tumble to a 10-week low amid soft spot demand, ample supplies

05-Sep-19

Asia's naphtha crack hit a 10-week low of US$12.18/ton at the start of last week on mostly muted spot demand and ample supplies. Based on data from IHS Markit, Asia will continue to grapple with oversupply next month although the excess volume will be lower than this month. IHS Markit expects the September supply surplus to be 100,000 tons vs 150,000-200,000 tons in August. Oil major Exxon Mobil bought 50,000 tons of full-range naphtha for late September loading from Kuwait at a premium in the mid-teens a ton level to Middle East quotes on a free-on-board (FOB) basis through a tender on Aug. 22, industry sources who track naphtha deals said.

 

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