Amid robust demand Asia's naphtha crack extends gains to reach month high

26-Jun-19

Asia's naphtha crack extended gains on Thursday for a third straight session to reach a month's high of US$24.70, supported by robust demand, as per Reuters. At least three buyers were seeking spot cargoes, with Japan Mitsubishi Chemical and YNCC securing cargoes for H1-August delivery.

As per industry sources, Mitsubishi Chemical paid prices within the range within parity to slight premium a ton to Japan quotes on a cost-and-freight (C&F) basis, while YNCC paid a slight discount. Through 12-month contracts, Titan was seeking cargoes for October 2019 to September 2020 arrival at Pasir Gudang, while CNOOC was looking to buy naphtha for September 2019 to August 2020 delivery.