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Focus Asia naphtha prices may dip as supply outpaces demand
By Felicia Loo
SINGAPORE (ICIS)--Asia naphtha prices may slide on the back of a regional supply glut and modest demand from crackers, traders said on Tuesday.
Open-spec first-half August prices fell by $4-5/tonne (€3-4/tonne) from Monday to $879.50-882.50/tonne CFR (cost & freight) Japan on Tuesday because of overnight losses in crude futures, ICIS data showed.
The naphtha crack weakened to a one-month low of $88.03/tonne against Brent crude futures at the close of trade on Monday, down by 2.4% from 14 June, ICIS data showed.
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