Naphtha margins in Asia sink to two week lows

14-Sep-12
Naphtha price in Asia fell for the first time in a week to US$996/ton as margins plunged 11% to a two-week low of US$127.5/ton. This is the biggest percentage fall in a month triggered by anticipation of easing of tight supplies, as per Reuters. India's exports, which fell below 520,000 tons in September to the lowest level in over three years due to refinery maintenance and firm gasoline demand were expected to recover in October. Kuwait Petroleum Corp (KPC) has sold an additional 24,000 tons of light naphtha for Oct. 22-23 loading to a South Korean buyer at premiums of about US$35/ton to Middle East quotes on a free-on-board (FOB) basis, down by about 10.5% versus earlier premiums.
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