Naphtha prices dip in Asia, cracks at 13 month lows

Naphtha prices in Asia have fallen from a six-session high, open spec prices for H2 August have fallen to US$620/MT. Naphtha cracks in Asia have ebbed to US$58.40/ton- their lowest level in almost 13 months as per Reuters. A shutdown at Formosa Petrochemicals’ 700,000 tpa cracker has led to an extension of the pessimistic market sentiment, dampening sentiments in a market affected by increasing spot supplies from the Middle East. A two-month shutdown at its 700,000 tpa cracker would result in a loss in naphtha demand of at least 350,000 tons.
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