The Asian naphtha crack rebounded from a 2-1/2 year low to reach US$30.65/ton at the end of last week, a 28.5% spike in value, as demand picked up from South Korea, as per Reuters.
Samsung Total bought a 25,000 ton naphtha cargo on Thursday for H2-February delivery at discount le in the mid teens, C&F Japan. A day earlier, it picked up a cargo at the same price. Lotte Chemical picked up around 50,000 tons of naphtha on Friday for H2-February delivery at a discount of about US$13/ton to Japan quotes on a C&F basis. GS Caltex was also in the market to buy naphtha for H2-February, with prices at a discount of $13 to Japan quotes on a C&F basis.
Despite an uptrend in prices, the oversupply is unlikely to be cleared in the near future amid streaming high European and Mediterranean imports into Asia.
India's Essar Oil sold up to 35,000 tons of naphtha for February 2-6 loading from Vadinar to Petro-Diamond at a mid-single digit discount level, FOB Middle East. Bharat Petroleum Corp Ltd (BPCL) has sold up to 35,000 tons of naphtha for January 15-22 loading from Kochi to Itochu, with prices heard at a different range of flat to a premium of US$3 to Middle East quotes on a FOB basis.
12-Jan-15 
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