"Near-term upside risks to crude prices, driven by concerns over persistently cold weather in the US and Europe as well as potentially tighter sanctions on Iran following Trump's inauguration, could be bearish for Asian naphtha," FGE analysts said recently, after a higher crude-driven MOPJ naphtha flatprice helped push naphtha cracking margins below that of rival feedstock LPG.
Cracker operators have probably already secured feedstocks for the coming month, FGE added, while upcoming spring turnarounds are likely to further curb spot buying appetite.
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