Concerns over slowing economy erases gains in Asia’s naphtha market

Asia's naphtha market erased gains on Wednesday, as petrochemical makers stayed on the sidelines over concerns about a slower economy. The prompt October/November inter-month spread slipped a dollar to a three-session low of US$9/ton in backwardation, according to Reuters. A recent hike in prices, supported by strong gasoline demand in the West, has hurt petrochemical margins. Concerns over slower manufacturing activities have also risen. Naphtha CFR Japan's October/November lost a dollar to a backwardation of US$9/ton, while the November/December backwardation was 25 cents higher, at US$10/ton.
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