Asia to receive 250,000-300,000 tonnes European naphtha

20 September 2012 04:33  [Source: ICIS news]

SINGAPORE (ICIS)--Asia is likely to receive 250,000-300,000 tonnes of deep-sea naphtha supplies from northwest Europe and the Mediterranean between the end of October and the first half of November, traders said on Thursday.

“Despite refinery shutdowns in Europe, they are facing an excess volume of half a million tonnes which will be shipped to Asia,” one trader said.

The demand outlets are limited except for Asia at this juncture, traders said.

Brazil is buying term, and not spot barrels, and the US Gulf is also not buying [naphtha],” said one trader.

The current bearish naphtha market in Europe will eventually push barrels to Asia as a result, traders said.

Asia’s open-spec naphtha contract for first-half November dropped by $5.00/tonne (€3.85/tonne) from Tuesday to $956.00-958.00/tonne CFR (cost & freight) Japan on Wednesday, according to ICIS data.

($1 = €0.77)

By: Felicia Loo

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