Naphtha crack in Asia recovers some losses to reach US$83.7/ton

21-Aug-15

Naphtha crack in Asia recovered some of the losses of the last four sessions to reach US$83.7/ton on Wednesday, but traders looked past the marginal increase as supplies were high, as per Reuters. The spot market was quiet as no open tenders were issued out of South Korea so far this week. Buyers are not expected to seek cargoes through tenders amid high buyers' inventories Aramco Trading Co (ATC) bought 34,500 tons of naphtha from India's Oil & Natural Gas Corp (ONGC) for September 5-6 lifting from Hazira at about US$20/ton above Middle East quotes on a free-on-board (FOB) basis, a move that surprised traders. While this is not the first time ATC, the trading arm of Saudi Aramco, has bought a spot naphtha cargo, it was the first time it bought from ONGC India's Mangalore Refinery and Petrochemicals Ltd (MRPL) has offered 55,000 tons of naphtha for September 23-25 loading from New Mangalore in a tender closing on August 25. Bharat Petroleum Corp (BPCL) offered two cargoes of naphtha at 35,000 tons each for September 17-19 and Sept, 27-29 loading from Mumbai and Kochi respectively through a tender closing on August 24. Egypt has offered two cargoes totalling 70,000 tons, also for September loading, from Suez in a tender due to be awarded on September 3