Asia remains well supplied even as Asian naphtha rose for the seventh consecutive session to a five-month high, and cracks rose to settle at their highest in four months as strong European demand continued to support the market, as per Reuters.
Saudi Aramco sold another 50,000 ton cargo for Oct. 27-28 loading from Rabigh at premiums of US$7-9/ton to Middle East quotes on a free-on-board (FOB) basis- pushing up Gulf spot exports for October to around 670,000 tons, highest seen in at least a year.
South Korea's Honam came forward to buy an additional 50,000 tons of naphtha for H1-November arrival at Daesan at a discount of US$4-5/ton to Japan spot quotes on a
cost-and-freight (C&F) basis. KPIC looked for additional term naphtha by a tender which closes next week for around 300,000 tons for 2011 delivery. KPIC recently bought up to 200,000 tons for October 2010-September 2011 delivery.
Kuwait sealed its contracts with Asian buyers for supplies lifting December 2010 to November 2011, with full-range grade at a premium of US$12/ton FOB, and light grade at US$13/ton FOB.
Open spec naphtha for H2-November rose by over nine dollars to US$758/ton, highest since May 10.
08-Oct-10 
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