21 March 2013 05:55 [Source: ICIS news]
SINGAPORE (ICIS)--Asia will be receiving 1.2m-1.3m tonnes of deep-sea naphtha supply from the western markets in April, and the tentative volumes for May arrivals are 250,000 tonnes, traders said on Thursday.
The May volumes are expected to climb further, they added.
“Traders will try to squeeze more arbitrage (barrels) out from Europe,” a trader said.
Weak naphtha demand in Europe will push more barrels to flow towards Asia, traders said.
The Asia-bound naphtha flows Asia hail from northwest Europe, the Mediterranean, Russia and the US, they added.
Asia’s naphtha crack spread narrowed to $110.43/tonne (€85.03/tonne) against May Brent crude futures on Wednesday from $111.06/tonne on Tuesday, according to ICIS.
($1 = €0.77)
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