Asian naphtha crack rises, gasoline hits 2-1/2-week low

Asia's naphtha crack rose for a fourth straight session and hit a near four-month high of $100.55 a tonne on Tuesday helped by persistently strong demand, while supply tightened on low incoming cargoes from the West include Europe and the Mediterranean.
The Western cargoes arriving next month in Asia are estimated at 1 to 1.1 million tonnes, down from a monthly average of about 1.4 million tonnes.
South Korean buyer returned to the market after a public holiday on Monday.
Lotte Chemical bought naphtha for second-half June arrival at Yeosu and Daesan at premiums of $13.50 to $14 a tonne to Japan quotes on a cost-and-freight (C&F) basis.
SK Energy also bought naphtha for the same period delivery but at premiums of about $15 or slightly more, traders said.
Taiwan's Formosa, Asia's top naphtha importer, was also out seeking naphtha for second-half June delivery.