07 November 2013 08:23 [Source: ICIS news]
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SINGAPORE (ICIS)--Asia is slated to receive 1.3m-1.5m tonnes of deep-sea naphtha flows from the western markets in December, traders said on Thursday.
The volumes were higher from the November levels of 1m tonnes, they said.
The arbitrage inflows will hail from northwest Europe, the Mediterranean, Russia and the US, traders said.
A widening east-west spread has enabled the arbitrage economics to work, they said.
The east-west spread stood at $13.50/tonne (€9.99/tonne) earlier in the week, according to traders.
The rise in the deep-sea imports would help to compensate lower naphtha exports from India, they said.
Naphtha exports from India are seen sliding to 650,000-700,000 tonnes in November, down from 750,000 tonnes in October, owing to refinery upgrading works at Indian refiner Mangalore Refinery and Petrochemicals Ltd (MRPL), and refinery maintenance works done by Bharat Petroleum Corp Ltd (BPCL).
($1 = €0.74)
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