Asia to receive 1.1m tonnes deep-sea naphtha supply in Aug

18 July 2013 06:22  [Source: ICIS news]

SINGAPORE (ICIS)--Asia is expected to receive 1.1m tonnes of deep-sea naphtha supply from the western markets in August, up from 900,000-1.0m tonnes in July, traders said on Thursday.

The arbitrage shipments usually hail from northwest Europe, the Mediterranean, Russia and the US.

The rise in such shipments is expected to be absorbed in the market given firm naphtha purchases made by regional crackers of late, traders said.

Also, there is a greater use of naphtha in the gasoline blending pool than last month, helping to support demand for the product that is widely used as a petrochemical feedstock in Asia, they said.

At midday, the open-spec first-half September naphtha prices were stable at $901.50-903.50/tonne (€685.14-686.66/tonne) CFR (cost & freight) Japan basis, according to ICIS.

($1 = €0.76)

By: Felicia Loo

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