Oct lifting naphtha witnesses heavy discounts in Asia

27-Sep-08
Owing to the Asian naphtha glut and a sluggish demand, the naphtha market witnessed heavy discounts for October lifting cargoes. After a heavy discount by Lotte Daesan on its purchase of 50,000 tons of H1 November arrival naphtha, Kuwait's KPC sold 50,000-75,000 tons of naphtha to India's Reliance at a discount of US$6.00/ton relative to Middle East quotes. Naphtha's premium over Brent crude dropped to US$54.40/ton, US$2.00 less from Thursday's session. Japan open speculation naphtha for H1 November rose to US$830.50/ton from US$814.00/ton in the previous session, but the gains were mostly consistent with a rise in overnight crude oil. Traders were trying to allocate Asian naphtha to different regions such as Europe, but global economic slump resulted in a diminishing demand.
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