Asia's naphtha prices rose for the third consecutive day on Wednesday, to a four-session high, and have recovered most of the US$106/ton it lost in a single day last Friday, as per Reuters. Some sellers continue to be upbeat, on expectations of tight supplies next month. However, India's Reliance Industries’ decision to cancel a term tender after selling only one of six cargoes could reflect a weaker market ahead. Reliance
had in late April offered up to 480,000 tons of naphtha (up to 80,000 tons a month) for six months starting June. But they awarded only the June cargo and
cancelled the rest because the bids for the remaining cargoes may not have met heir expectations. The June cargo was sold at premiums above US$30/ton to Middle
East quotes on a free-on-board (FOB) basis. Price for front-month H2 June naphtha rose to US$1050/ton.
12-May-11 
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