Naphtha cracks in Asia ease after spiking to three week highs

28-Jul-10

As part of the market reaction to additional parcels being booked to move West, Asia's naphtha price eased from a 4 week high, while cracks fell from a near 3 week high, as per Reuters. 450,000-500,000 tons of naphtha have been fixed, or are provisionally booked, for July-August lifting from the Middle East and the Suez to the West as traders tackle heavy stockpiles in Asia. Though some traders are not optimistic that the East-West arbitrage flows could persist, the move helped support spot prices.