Asia's naphtha crack slipped 2 cents to a three-session low of $89.08 a tonne but spot premiums for open-specification and heavy full-range grades stayed strong on firm demand and squeezed supplies. South Korea's Hanwha Total bought heavy full-range naphtha for second-half May arrival at Daesan on Tuesday at premiums of about $15 to $16 a barrel to Japan quotes on a cost-and-freight (C&F) basis.
This was one of the highest premiums Hanwha Total has paid since April 2014. The purchase came a day after SK Energy was seen forking out $19 a tonne premium for similar grade naphtha, also for second-half May delivery, traders said.
The deals could not be independently confirmed as buyers do not typically comment on their trades and prices. Asia's gasoline crack eased 3.3 percent to a two-session low of $8.01 a barrel.
Chinese state energy giant CNPC said on Tuesday it has sold its first ever gasoline to the Americas, with a 35,000-tonne cargo setting sail for the Bahamas on March 30. No naphtha deals but there were five on gasoline. ENOC bought three of the five gasoline cargoes after having snapped up five cargoes in the previous day.
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