Naphtha prices in Asia for front-month H1-August eased by about 3.5% to plunge to ts lowest in nearly 21 months at US$733/ton, dragged down by Brent crude, which reached a 16-month low, as per Reuters.
The intermonth naphtha prices, which refer to the difference between the front-month
H1-August and H1-September price at US$735, remained in contango for the eighth straight session due to ample spot supplies. Concerns of oversupply of petrochemical products were expected to stay although there were no additional run cuts made to naphtha crackers so far.
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