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In Asia, olefin markets gained ground week over week amidst a steady to firmer upstream chain when compared to the beginning of May. Increased buying interest drove olefin offers higher during the period, according to some market players in the region, while supply was said to be not that ample owing to a scheduled shutdown in Japan. Driver Video P4m890 M7 Se Windows 7 there.
Looking at the upstream chain, crude oil futures on the NYMEX for June deliveries recorded some drops earlier last week before closing the week with gains during the last two working days. They were almost unchanged when compared to the second week of May, but still represented nearly an increase of $5/barrel with respect to the beginning of the month. Spot naphtha values recorded a small decrease on CFR Japan basis week over week to stand a bit above early May levels. Olefin availability was said to be not ample as Japanese Mitsubishi Chemical started a scheduled maintenance at its Mizushima cracker at the end of last week. The company will reportedly keep its cracker offline for almost two months before restarting it at the beginning of July.
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