04 August 2010 11:01 [Source: ICIS news]
WEPEC also plans to reduce term-naphtha exports in September to 28,000 tonnes, down 50% from the 56,000 tonnes it exported in August, the source added.
“WEPEC did not export any naphtha last month due to the terminal shutdown. As for August and September, there will be no spot [naphtha] shipments, except for term cargoes,” said the source.
As for reduced term-naphtha exports, the source said that current economic conditions did not favour the shipments.
The contango in Asian naphtha between second-half September and October contracts has widened to $3.50/tonne, signalling a bearish market, ICIS data showed.
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