Amid muted spot demand, naphtha crack in Asia slipped to a four session low of US$147.4/ton. Demand has been dull as most buyers have concluded purchases for H1-June, as per Reuters. -
Taiwans Formosa Petrochemical Corp, having bought about 120,000 - 150,000 tons of
open-spec grade naphtha at premiums of US$15-17/ton to Japan quotes on a cost-and-freight (C&F) basis, has concluded purchases. However, traders opine that market fundamentals will stay supported due to tight prompt supplies which could last over the short-haul. Buyers from South Korea are expected to return to the spot market to seek cargoes, seeking cargoes for H2-June delivery after their holidays on May 5 and May 6.
Lower naphtha cargoes from India are expected to continue amid plans by Indian Oil Corp (IOC) to shut half of its 300,000 bpd Panipat plant for about 40 days starting on May 8.
05-May-14 
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