Naphtha prices in Asia dipped to a 2 week low on Tuesday and cracks fell to a three-week low. However, timespreads stayed unchanged due to limited spot deals, as per Reuters. Naphtha spot deals have been thin due to the annual Asia Pacific Petroleum Conference (APPEC) event in Singapore, that ends late this week. Buyers are meeting with sellers privately to conclude deals. Reduced Indian exports this month, due to stronger domestic demand, continued to support the market.
Formosa Petrochemical Corp experienced another fire, its eighth in about a year, while restarting its third crude distillation unit (CDU) at its refinery on Tuesday. However, this has not caused any disruption to plans of restarting the last of the three CDUs on Wednesday or Thursday. The price for open spec naphtha, front-month H2-October fell by nine dollars to US$951.50/ton, and cracks fell to US$118.9/ton premium.