Naphtha prices dip, cracks recover to 3-session high

Open Spec naphtha for H1-August fell by over ten dollars to US$659/ton CFR Japan. Naphtha prices in Asia fell for the third consecutive session to dip to two-week lows. Demand from Taiwan has triggered naphtha cracks to recoil marginally by over five dollars to US$91/ton to settle at a three-session high. Taiwan’s Formosa locked in 200,000 tons for August arrival at a discount of US$4-5/ton to Japan spot quotes on a cost-and-freight (C&F) basis. With this, its total spot purchases since June 17 for end-July to August delivery to about 400,000-450,000 tons, despite marginal improvement in demand and sentiments in Asia, mainly due to increased supplies to Europe where a supply constraint persists. In South Korea, Samsung Total is seeking volumes between 400,000 to 600,000 tons for September 2010-August 2011 delivery
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