(Reuters) - Asia's naphtha price was near a one-week low on Monday, while timespreads fell to their lowest in 7 and half months as a prolonged cracker shutdown in Taiwan hurt sellers. The lost demand also sent cracks to their lowest in about 2 and half months and reduced Asian prices to levels lower than in Northwest Europe.
This helps open the opportunity for traders to move Gulf and Mediterranean cargoes to the West, provided they can find buyers.
June/July swaps timespreads were at a discount of USD 2.00 a tonne, down from a premium of 25 cents, making this the first contango since Feb. 22.