Naphtha margins and prices dip in Asia

04-Oct-12
Naphtha prices in Asia extended losses on Tuesday to reach a three-session low of US$966 while margins snapped four sessions of gains and fell to US$124.95/ton as squeezed petrochemical margins overshadowed firm gasoline prices in the West, as per Reuters. Firm gasoline prices in Europe and the U.S. were the main reason holding up the naphtha market as that meant less naphtha for exports to Asia. However, the market is concerned about slowing global economic activity again as petrochemical makers could be hit if manufacturing for consumer and industrial goods fall. Although U.S. manufacturing recorded an unexpected growth last month for the first time since May, euro zone factories suffered their worst quarter since early 2009 and China lost is slowing down.
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