Amid robust demand, naphtha spreads surges

Naphtha's prompt November/December inter-month timespread surged to a seven-and-a-half-month high in early Thursday trade, on the back of tight supply and expectations of more demand to emerge from petrochemical makers in the Northeast Asia markets, as per Reuters. Petrochemical makers have been willing to pay high premiums for December naphtha shipments because of lucrative downstream ethylene, propylene and monoethylene glycol (MEG) margins. Taiwan's Formosa Petrochemical Corp is also expected to re-emerge for another 100,000-150,000 tons of H2-December shipments over the next week as it ramped up operating rates at its 2.93 mln tpa naphtha cracking complex to feed MEG production at a sister company.
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