Japan's Idemitsu has bought 25,000 tons of naphtha for H1-April delivery at premiums of US$10.50-11/ton above Japan quotes on a cost-and-freight (C&F) basis. This is the highest premium paid by a North Asia buyer in about 7-1/2 months, as per Reuters. Traders beleive that the cargo has been bought for delivery to Tokuyama from trading house Petro-Diamond.
The higher premiums are an indication that the naphtha market is expected to hold firm due to the limited number of U.S. naphtha cargoes coming in to Asia and refinery maintenance season kicking in from March.
03-Mar-15 
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