Naphtha margins spike in Asia on supply constraints

Naphtha margins in Asia surged to almost US$140/ton above Brent prices as supply remained tight in the region, as per Reuters. Earlier this week, premiums for Indian cargoes were at more than three-month high. As a result of high prices, South Korea's Samsung Total failed to award its buy tender for an open-specification naphtha cargo for H2-October delivery due to high offers. Honam Petrochemical had earlier purchased two cargoes at a premium of US$11.50/ton, which is about US$1-1.50/ton higher than a previous cargo, reflecting stronger market sentiments.
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