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Asia's naphtha price to reach a nine-week high

July 21/2011

(Reuters) - Asia's naphtha price rose more to reach a nine-week high on Tuesday, with cracks rising to around a six-week high to echo the strength in Europe on stronger demand.   


Most traders were not convinced that Asian fundamentals have improved, citing ample stocks and weaker overall demand. Physical naphtha timespreads were still negative, inidcating that the Asian market has not improved, with South Korea's S-Oil having to sell 33 KT of light naphtha for Aug. 21-31 loading at a discount of about USD 2.50 a tonne to Japan spot quotes on a free-on-board (FOB) basis.      


Separately, several Japanese oil refiners have halted marine product shipments from at least nine plants as a powerful typhoon approaches. This came at a time when Japan's top oil refiner JX Nippon Oil & Energy Corp had shut a 60,000 barrels-per-day (bpd) No.3 vacuum distillation unit after the fire. It had also lowered crude runs at a 150,000 bpd crude unit.  
   

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