Asian naphtha cracks rebound to highest level in 25 days on firm sentiment despite weaker premiums

15-Jan-10
Asian naphtha cracks rebounded to their highest in 3 and a half weeks as market sentiments firmed up at a time of weaker premiums coupled with Taiwan having fulfilled its February needs. Taiwan's Formosa bought up to 150,000 tons of naphtha for H2-February arrival at a premium of about US$12.50-16/yon to Japan spot quotes on a C&F basis, lower than what it had paid for H1-February volumes. With this, the total spot purchases from Japan, South Korea and Taiwan for February cargoes by tender rises to over 1 mln tons. A small demand from South Korea remains to be fulfilled for H2-February parcels. This week, Formosa has received offers for volumes up to 450,000 tons, before levels finally fell to 300,000 tons- indicating that supplies are not as restricted as last month due to expected influx of Western naphtha is in Asia.
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