Asia's naphtha crack slipped to US$96.8/ton at the end of the previous week, in reflection of possible ample supplies in H1-June as western barrels were still being fixed for Asia arrival, as per Reuters. Traders' keen focus on supplies from the West including Europe and the Mediterranean has overshadowed the stream of steady demand and high cracker run rates in Asia driven by strong petrochemical margins.
However, once the maintenance season comes to an end in South Korea, petrochemical margins could ease as ethylene supplies would be restored.
"Up until last week, the naphtha market was still holding up. But premiums started to take a hit this week," said a North Asian trader in reference to spot deals done on a cost-and-freight basis on April 23.
27-Apr-15 
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