Naphtha price and cracks above year's average

23-Oct-12
Naphtha price in Asia stood at around 2-1/2 weeks low of US$956/ton on Monday and although margins or cracks eased 1.4% to a two-session low of US$129.43, the current values were nearly 14.5% higher than the year's average, as per Reuters. LG Chem came forward to seek cargoes, being the first in South Korea to have bought a cargo of an average size of 25,000 tons for H1-December arrival at Daesan at a firm premium of about US$17.50/ton to Japan quotes on a cost-and-freight (C&F) basis. This was the highest premium seen in South Korea since Sept. 7. Premiums for Indian cargoes were equally firm, with Oil & Natural Gas Corp (ONGC) having sold a 35,000 ton cargo for Nov. 12-13 lifting from Mumbai port at US$38-39/ton to Middle East quotes on a free-on-board (FOB) basis, highest in six months.
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