The naphtha crack rebounded on Friday, stemming a near two-week slide as a slump in crude prices propped up the relative value of naphtha. The naphtha crack was up $9.24 a tonne to $35.48 a tonne against Brent crude, which hit a more than five-year low on Friday. In spot demand, South Korea's Lotte Chemical Corp was heard to have bought one naphtha cargo on Friday, traders said.
One North Asia-based trader said the deal was done at a discount of $6-$7 below spot Japanese quotes, on a cost-and-freight basis. The cargo will be delivered into Yeosu over second-half of January. However, this could not be immediately verified with Lotte Chemical. In other market news, the Mina Al Fahal refinery of Oman Oil Refineries and Petroleum Industries Co (ORPIC) is expected to resume operations on December 18, the company said.
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