- PX naphtha spreads- October cargoes still have
low bids





Asian paraxylene was down $8-9/mt to
$1,104.33-1,130.50/mt CFRUnv1/China Aug. 15, amid bearish crude oil prices and
weak naphtha markets. The October Brent crude oil futures
contract dropped to $96.17/b from $99.88/b the previous session. Meanwhile, the
C&F Japan naphtha marker fell from $26.75-32.50/mt to $684-700/mt. From $401.58-420.15/mt,
the PX-naphtha spread increased to $420.33-440.50/mt on August 15. However, the
downstream purified Terephthalic Acid futures on Zhengzhou Commodity Exchange
were higher every day. According to a source, a major Asian PTA buyer
was searching for cargo following the Market on Close evaluation process. 12 but there
were no buying ideas and no deal. Although there was some buying
interest in October cargoes at the MOC on Aug. 15, bids were still low. Mercuria
Resources also declined an October offer...