Naphtha prices at a three-session high, cracks fall to a 7-week low

Asia's naphtha price has reached a three-session high on Thursday, but cracks fell to a 7-week low on heavy supplies and weaker petrochemical import demand in China. Apart from the high Western imports, market is faced with concerns over Chinese buyers deferring shipments of plastics due to high stocks and volatile crude prices were also hurting sentiment. The weaker sentiment was reflected in South Korean LG Chem's spot purchase of two caroes each from Daesan and Yeosu of 100,000 tons of naphtha for H1-July arrival at premiums of around two dollars, C&F Japan, spot quotes. This was lower compared to YNCC's deal on Wednesday at US$2.25-2.50/ton, C&F.
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