Naphtha in Asia lingers at near 15 week highs

Naphtha in Asia lingered near a 3-1/2 month high of US$960.50/ton on Thursday but margins fell by over 7% to a two-session low of US$86.45/ton on ample supplies, as per Reuters. Weak fundamentals ruled in favour of the buyers as Honam Petrochemicals paid the lowest price the petrochemical maker had paid in nearly two months. Honam bought 25,000 tons of naphtha for H2-September arrival at Yeosu at a slight discount to Japan quotes on a cost-and-freight (C&F) basis. August supply was abundant and resulted in many unsold cargoes, resulting in a rollover to meet September demand. With almost no buyers left in the market for September cargoes, these sellers were under pressure to release them, especially when there are about 800,000 tons of Western naphtha hitting Asian shores next month. Prices are likely to recover for October cargoes, because Europe will likely limit its naphtha exports to Asia ahead of its seasonal peak demand.
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