Naphtha prices and crack spreads dip in Asia

As spot demand softens, naphtha prices in Asia dipped to a week's low and naphtha crack spreads dipped to ten day lows. Demand has been lackluster as most buyers including Taiwan's Formosa, South Korea's Honam Petrochemicals and Japan's Mitsui Chemicals have finished replenishing H2-September stocks earlier in the week. However, restricted availability of naphtha continues to plague the region and could continue to affect October stocks in Asia. Supplies have been curtailed since the arbitrage window has remained tightly shut, as Europe struggles with limited stocks caused by refinery run cuts and demand for naphtha for gasoline as well as petrochemical production.
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