Naphtha price slipped to two-session low

Mid way of last week saw naphtha prices in Asia slip to a two-session low after reaching more than a two-year high on the previous day, as per Reuters. Cracks were reported to have fallen to a week low on expectations of slower spot demand. Demand has slowed down because Taiwan's CPC and Formosa are unlikely to buy any further December parcels while South Korea's LG Chem is expected to buy one more cargo for H2- December arrival. In the previous week, CPC concluded purchase of 90,000 tons of heavy grade for November-December arrival at premiums above US$10/ton C&F Japan. LG Chem bought 75,000 tons for H2 December arrival at premiums of US$4.50/ton on a C&F basis, bringing its total purchases for December to around 150,000 tons Demand from European market was seen cooling off as s strike at refineries and ports in France ended late last week.