Naphtha prices rise to 4-1/2 month high

19-Aug-13

Last week, Asian naphtha price rose to 4-1/2 month high of US$936.50/ton pushed up by Brent crude, while the gasoline margin shrank 31% to a 14-month low due to rising supplies, as per Reuters Taiwan's Formosa may have wrapped up negotiations to buy H2-September naphtha. Supply problems in Libya, which had supported naphtha, have been resolved now that its largest refinery, the 220,0000 bpd Ras Lanuf plant, has resumed operations and will export crude. Malaysia-based Titan has restarted a larger 440,000 tpa naphtha cracker, but its smaller 280,000 tpa unit has remained shut since early August.