Naphtha in Asia dipped to a two-session low of US$957.50/ton on Monday amid lower Brent crude, while the intermonth premium fell to a two-week low of US$11.50/ton on muted spot purchases from petrochemical makers, as per Reuters. Intermonth premium refers to the difference between the front-month H2-November and H2-December prices.
Markets in Japan were closed for a holiday and buyers in South Korea have retreated amid falling feedstock crude prices in wait of a clearer price direction. Since markets have been very quiet it is not easy to judge if the incoming Western cargoes are in surplus or just about right to match demand.