Naphtha cracks in Asia peak to a 13 month high

Naphtha cracks in Asia rose for the fourth time to peak to a 13 month high, while naphtha price was at 9 month on firm demand and limited cargoes, as per Reuters. South Korea's LG Chem bought 25,000 tons of naphtha for H2-March arrival at Yeosu at premiums of around US$20/ton to Japan quotes on a cost-and-freight (C&F) basis. This follows Honam’s purchase of 75,000 tons for the Daesan cracker. Of the three cargoes Honam bought, one was for H2-March arrival bought at around US$19/ton to Japan quotes on a C&F basis. The remaining two cargoes at US$11-12/ton were for H1-April arrival. The H1-April premiums were lower possibly because they were likely pegged to a 45-day price formula instead of 30 days. But buyers and some traders were feeling the heat of the tight naphtha market situation. The price for front-month H2-March open spec naphtha edged up by two dollars to US$1050/ton, highest since May 11 last year at the same level. Naphtha cracks for H2-March rose by over ten dollars to US$171.10/ton premium.
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