-
Japan naphtha Crack falls 10% on week at $65.20-70.40/mt-
Mideast cash differentials trend lower



Sources
said that sentiment in the Asian naphtha market was lessening on March 20, with
two tenders being concluded at lower premium levels. Pessimistic
downstream demand for petrochemicals has led market participants to remain cautious
about the near-term outlook for naphtha markets. However, there is ample
supply. Market participants were prudent towards this short term outlook. The
CFR Japan naphtha physical cracked against front-month ICE Brent futures
dropped 9.94% to $65.20/mt as a result of the soft trading sentiment. This
was in a volatile macroeconomic environment due to banking sector instability. Investors
continued to be concerned by the uncertain macroeconomic environment following
the collapse of Silicon Valley Bank & Signature Bank. UBS made a deal with
Credit Suisse to...