SINGAPORE (ICIS)-- Asia is expected to receive around 800,000 tonnes of deep-sea naphtha supply in the first half of March, traders said on Tuesday.
The deep-sea inflows will hail from northwest Europe, the Mediterranean, Russia and the US.
However, the incoming arbitrage flows are expected to be rolled over to the second half of March, considering the bearishness of the market already facing ample cargo availabilities, they said.
A slew of active cracker maintenance further undermined demand for the petrochemical feedstock, along with dips in liquefied petroleum gas (LPG) prices, the traders said.
The latest spot premiums transacted in northeast Asia have declined to single-digit levels, to reflect weakening market conditions.
The naphtha crack values extended their falls on Tuesday, with the prompt crack spread weakening to $116.65/tonne against Brent crude futures from $123.25/tonne on 10 February, ICIS data showed.