Surge in prices, naphtha cracks could be transitory on abundant supplies

Naphtha prices have surged to ten week highs and cracks have spiked to their highest in about a week on demand from Taiwan and South Korea. However the demand could be short-lived due to ample supplies in the region, as per Reuters. Honam Petrochemicals, with its requirement of two cargoes, had to be satisfied with just one parcel on inadequate offers. Honam bought 25,000 tons of full-range naphtha for H1-September arrival at a discount of about US$3/ton to Japan spot quotes on a C&F basis. Taiwan’s Formosa also came to the market to buy despite one of its three crackers being shut since July first week despite a fire.
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