Naphtha cracks in Asia plunge to 6 week lows

Naphtha prices in Asia fell to their lowest in over seven months. Naphtha cracks plunged to 6 week lows, weighed down by high supplies. South Korea's Honam bought two 25,000 ton full-range naphtha cargoes for H1-July arrival at Daesan and Yosu at premiums of US$2/ton to Japan spot quotes on a cost-and-freight (C&F) basis. Honam was expected to buy more for H1-July, but high supplies estimated at 1.2 mln tons from Europe in May to July will weigh heavily on prices.