Naphtha crack spread in Asia widens

Asia’s naphtha crack spread widened from the lowest in four days, signaling higher profit for refiners making the petrochemical feedstock, as per Bloomberg. Japan naphtha’s premium to London-traded Brent crude futures rose to US$122.98/mt at 3 p.m. Singapore time from US$119.32. This crack spread was at US$134.04 on Feb. 20, the highest in three weeks. Cosmo Oil Co. plans to idle the No. 2 crude-distillation unit at its refinery in Chiba, Japan, for maintenance from end of April until the beginning of June.
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