Strength in Asian naphtha persists on demand

19-Jul-12
Asian naphtha price stayed at a 1-1/2 month high of US$872/ton on Wednesday, while the intermonth premium was at a three-session high of US$10/ton amid strong demand combined with tighter supplies due to a shutdown at Japan's top refinery, as per Reuters. The intermonth premium is the difference between the front-month H1-September price and H1-October value. South Korean buyers continue scouting for spot cargoes, with LG Chem has bought 50,000 tons of open-spec naphtha for H1-September arrival at Yeosu port, at around US$7/ton premium to Japan quotes on a cost-and-freight (C&F) basis, based on a 45-day pricing period.
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