Naphtha prices drop, cracks fall from three month high

06-Sep-10
Naphtha prices in Asia fell from a two-week high, and naphtha cracks dropped from three-month highs on muted spot demand and ample supplies, as per Reuters. At least 115,000 tons of African/Mediterranean naphtha will land in Asia between H2-September and H1-October despite a well supplied market. No significant volumes are expected to arrive in Asia in October. Formosa's 700,000 tpa cracker, shut since early July due to a fire, is expected to resume operations by next month. Higher arbitrage volumes are expected in November as Europe may have to sell its excess supplies, when maintenance at its oil and gas fields end by late September, allowing petrochemical companies in Europe to switch back to cheaper liquefied petroleum gas (LPG) from naphtha as feedstock. Open Spec naphtha fro H2-October slipped to a tad over US$683/ton to reach a two-session low. Cracks fell by over 6 dollars to US$108.9/ton to settle at a three-session low.
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