Naphtha cracks ease on slow demand

Naphtha markets is Asia await a clear direction leading to soft demand in the region, easing Asian naphtha cracks. Naphtha markets in the region had gained momentum over the past few weeks because of reduced exports from Europe and USA. Europe has curtailed exports to Asia because of refinery run cuts and strong demand for naphtha to produce gasoline and petrochemicals. The market was temporarily strong, but there are many unsold cargoes in the market. Most South Korean petrochemical makers will need to replenish H1-October stocks. Prices could dip on reduced demand from the West and increased supplies from the Middle East. The United States has started to curb European gasoline import and gasoline demand in Europe and USA falls as the summer driving season draws to a close. Kuwait Petroleum Corp (KPC), which sold a record-high 300,000 tons of naphtha in May, and July, has atleast 50,000 tons to offer for H2-September lifting.
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