Asian naphtha crack slips on ample supplies

Asia's naphtha crack slipped on Wednesday on ample supplies of the fuel, trade sources said. The fall in naphtha margin has been dragging down Asia's overall refining margins. South Korean petrochemical companies have also bought naphtha cargoes at discount compared with earlier deals which fetched premiums, traders said. More spot cargoes out of India also weighed on the fuel's margin, they added. The gasoline margin, on the other hand, was supported by spot demand from Kuwait seeking cargoes for April, traders said.