Naphtha cracks recover, defying expectations that incoming arbitrage would weigh on sentiment

Asian naphtha prices sank to two week lows as cracks recovered to peak to an 8-1/2 month high, defying earlier expectations that incoming arbitrage cargoes would weigh on sentiment, as per Reuters. A sense of supply tightness persists despite the 500,000 tons of arbitrage cargoes likely to hit Asian shores. Buyers continue to seek cargoes for H2-December/H1-January delivery. Demand is expected to get a boost as Formosa is restarting their cracker.
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