Naphtha price in Asia plunges

06-Nov-12
Naphtha in Asia plunged to its lowest in about 1-1/2 month on Monday at US$930/ton while the margin was at a two-session low of US$141.23/ton, as per Reuters. But the current crack value is currently about 10% higher than October's average as tight supplies persisted. This was reflected in the steep premiums Indian sellers continued to fetch for November spot naphtha cargoes. Traders reiterated supplies were tight due to an inconsistent number of cargoes exported from India in the last few months. Meanwhile, demand has been exceptionally strong due to lack of alternative liquefied alternative feedstock (LPG) amid high cracker operating rates, especially in south Korea. With the onset of winter, LPG supplies will be further squeezed dry, with Asian petrochemical makers having to continue relying heavily on naphtha. Vitol bought 30,000 tons of naphtha from India's BPCL for Nov. 10-12 loading from Mumbai at premiums of about US$41/ton to Middle East quotes on a free-on-board (FOB) basis. HPCL offered a prompt 20,000 ton cargo for Nov. 13-18 loading from Mumbai in a tender closing on Tuesday, bringing India's total exports volumes for next month so far to around 770,000 tons.
  More News  Post Your Comment
{{comment.Name}} made a post.
{{comment.DateTimeStampDisplay}}

{{comment.Comments}}

COMMENTS

0

There are no comments to display. Be the first one to comment!

*

Name Required.

*

Email Id Required.

Email Id Not Valid.

*

Mobile Required.

Email ID and Mobile Number are kept private and will not be shown publicly.
*

Message Required.

Click to Change image  Refresh Captcha