Naphtha crack in Asia saw a marginal dip to a six-session low of US$84.1/ton amid muted spot trade as the mid-autumn festival holiday in South Korea has drawn buyers away, as per Reuters. The market structure remained in backwardation but at a narrower range where the front-month H1-November price is US$4/ton higher than that for H1-December.
On Monday, H1-November price was US$5.25/ton higher than the following month,
making that the widest backwardated spread since mid-June. The wider the backwardation, the stronger the market.
Some traders were concerned that fall in Western cargoes arriving in Asia for September and October could be short-lived and Europe will resume sending high volumes of naphtha to the East. About 1.5 mln tons/month of western naphtha was booked for arrival in Asia in September and October. This was about 12% lower than the monthly average for cargoes arriving in the East in the first eight months of this year.
30-Sep-15 
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