Bearish demand outlook forces KPC to lower naphtha term offers twice

Expectations that demand from North Asian petrochemical plants is to shrink due to falling margins has weighed down Middle East naphtha prices this week. As reported by Reuters, the poor outlook has forced Kuwait Petroleum Corp (KPC) to lower full-range naphtha term offers twice this week to US$22/ton premium. However, buyers have refused to raise their bids above US$20, as they expect weakness in H2-2010. This will lead to reduction in run rates from July in a bid to augment margins.
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