Naphtha crack in Asia fell to a three-week low of US$79.5/barrel on Wednesday amid expectations of additional supply arriving to the region from the West, as per Reuters. Trading activity remained thin as traders await result of Kuwait's term talks with Asian buyers next week for cargoes lifting December 2015 to November 2016.
Kuwait Petroleum Corp (KPC) last year sealed its 12-month contract starting December 2014 at US$15/ton premium to Middle East quotes on a free-on-board (FOB) basis, down 38 percent for a one-year contract started December 2013. Some traders expected the new term contract premium to keep within the mid-teen levels.
In the Singapore cash market, Vitol sold a naphtha cargo for loading in the second half of November to Itochu at US$439/ton. Japan's naphtha inventories rose by 1.17 mln barrels to 11.48 mln barrels in the week to Sept 26, the Petroleum Association of Japan (PAJ) said. Japan's August naphtha sales rose 6.4% from a year earlier to 772,065 barrels per day (bpd), while imports rose 2% to 468,227 bpd, data showed.
01-Oct-15 
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