Asia's naphtha crack edged up at the end of last week to US$72.30/ton, the highest since Feb. 16, with firm demand seen this week though ample supplies kept a lid on spot prices, as per Reuters. South Korea's LG Chem was seeking a cargo for H1-April delivery.
In the first four days of the week, South Korea and Taiwan purchased between 200,000 and 250,000 tons of naphtha for H1-April delivery through tenders.
"Demand is good. Everyone had believed that first-half April prices could be strong as a result but in reality, this is not the case," said a North Asian trader in Reuters. "Hopefully naphtha will improve along with summer gasoline demand even though gasoline inventories are currently high."
Supplies are ample as Asia has been unable to digest all the cargoes that came in from the West, including Europe, since the start of the year. The weak fundamentals have battered spot prices despite a stream of demand from buyers.
29-Feb-16 
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