SINGAPORE: Asia's naphtha crack slipped 0.1 percent to a two-session low of $125.53 per tonne on Thursday, with little changes in fundamentals where supplies were squeezed as demand stayed strong.
- Taiwan's Formosa Petrochemical was to buy naphtha for first-half January delivery to Mailiao in a tender due to be awarded on Friday.
- This came a day after South Korea's Lotte Chemical and SK Energy have each bought naphtha for first-half January delivery at premiums of about $12.50 and $10.50 a tonne to Japan quotes on a cost-and-freight (C&F) basis respectively.
- Japan's Showa Denko was also seen buying naphtha this week for first-half January delivery at premiums of $11 to $12 a tonne to Japan quotes on a C&F basis.
* TENDERS: India's Mangalore Refinery and Petrochemicals Ltd (MRPL) sold 35,000 tonnes of naphtha for Dec. 24-26 loading from New Mangalore to Gunvor at premiums seen above $19 a tonne to Middle East quotes on a free-on-board (FOB) basis, traders said. This, however, could not be confirmed as sellers and buyers do not typically comment on their deals.
- MRPL had recently sold a cargo to Idemitsu for Dec. 10-12 loading at premiums of about $21.
- Vietnam's Petrolimex was looking to buy 30,000 tonnes of 95-octane grade gasoline for first-half December lifting from Southeast Asia or South Korea through a tender closing on Nov. 24, with offers to stay valid until Nov. 25.
- It had previously bought a total of 30,000 tonnes of 92-octane and 95-octane gasoline for Nov. 11-20 lifting from South Korea at premiums of $1.50 to $1.80 a barrel to Singapore quotes on a FOB basis.
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