Rise in Asia’s naphtha temporary as oversupply prevails

Naphtha is Asia’s spot markets is being dealt at premiums ranging from US$2 to US$/6. Though Asia’s spot naphtha market has strengthened, any rise is temporary as a situation of oversupply continues in the region. Concerns that the improved situation can rebound shortly, has flooded the markets with spot cargoes from several Middle Eastern producers. The fragility of the market has kept potential buyers reluctant to sign up for a full year. Abu Dhabi National Oil Co (ADNOC) is seeking to shorten its term naphtha delivery period to 3 months from 12 months starting October.
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