South Korean buyers holiday pulls down naphtha prices and cracks in Asia to near week-lows

Naphtha prices in Asia fell to a four-session low on Monday, with cracks almost at their lowest in a week on muted spot deals as South Korean buyers are away on a holiday, as per Reuters. South Korea is Asia's top petrochemical hub outside China, and is closed along with Taiwan and China for holidays. There is a dearth of Western cargoes bound for the East as demand in Europe remains supported. Also, the market expects Formosa’s 700,000 tpa No. 1 cracker to resume production in H1-September. The price for front-month open spec naphtha for H2 October fell by over 28 dollars to US$952/ton. Cracks slipped to US$120.25/ton premium, lowest since Sept. 6.
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