Asian naphtha recovers to two sessions high

The Asian naphtha crack recovered to a two-session high of $136.25 a tonne on Thursday, with spot deals on a cost-and-freight (C&F) basis resuming after a three-day absence. South Korea's Samsung Total bought a naphtha cargo for second-half May arrival at Daesan at a premium of about $17 a tonne to Japan quotes on a C&F basis, similar to what it had paid late last week for a first-half May cargo, traders said.
Malaysia-based Titan has also bought naphtha for second-half May, but for arrival at Pasir Gudang, they added, estimating that Titan may have paid at least $10 a tonne to Japan quotes on a C&F basis for cargo. "Buyers need to replenish their second-half May stocks and some may not see the point in waiting as they likely need to buy a few spot cargoes for the same period. Better to move now and buy at least one cargo first," said a trader.