Open-specification naphtha for delivery to Japan retreated for a fourth day to US$927/ton, its longest decline since Dec. 31, as per Bloomberg. Asia naphtha capped the longest losing streak in more than two months as petrochemical-plant outages in Japan cut demand. Fuel-oil and gasoil refining margins, however, rose. Crack spread fell to US$97.6/ton, while gasoline’s premium to naphtha fell to US$12.90 a barrel. A narrower reforming margin means the profit from turning naphtha into gasoline is decreasing. Naphtha consumption in Japan may shrink by as much as 100,000 bpd on an average this year.
17-Mar-11 
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