Naphtha prices in Asia rose for the sixth consecutive session to reach levels near a five-month high, as cracks eased to a three-session low amid a strong European market that was countered by ample supplies in the East, as per Reuters. Benchmark Japan open spec naphtha crossed US$748/ton, its highest level since early May.
Price talk between Kuwait and potential buyers for the next term supply period continues: Kuwait Petroleum Corp lowered its offer to US$13.50/ton premium to Middle East quotes on a free-on-board (FOB) basis for supplies loading in December 2010-November 2011.
Shell sold 25,000 tons of naphtha in the Singapore physical market, totaling sales since early September to about 400,000 tons.
Liquidity in the Asian cash market has been significantly curbed after Japan's Mitsui & Co scaled down activities since shutdown of its Singapore office, which notched up losses of US$81 million more than two years ago.
IOC sold 30,000 tons for Oct. 26-28 loading from Kandla to Total at a premium of around US$3/ton to IOC's price formula on a FOB basis; as well as 15,000 tons for Oct. 16-18 loading from Haldia at a discount ranging of US$10-15/ton FOB.
Pakistan Refinery Ltd (PRL) sold 20,000 tons of naphtha for Oct. 7-9 loading from Karachi to Itochu at a discount of US$6.68/ton to Middle East quotes on a FOB basis.
07-Oct-10 
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