Asia’s naphtha prices increased on higher crude oil futures, but a supply overhang will keep the market slightly bearish. As per recent source naphtha prices for first-half November delivery stood at $705.50/tonne CFR Japan. Naphtha demand for the purposes of downstream petrochemical and olefins production margins were still healthy. Taiwan’s Formosa Petrochemical has secured spot naphtha for 1-10 November delivery at a discount near $2.00/tonne to its pricing formula.
