22 November 2013 16:15 [Source: ICIS news]
LONDON (ICIS)--Europe will export at least 240,000 tonnes of naphtha to Asia in late November, shipping sources said on Friday.
Three new naphtha shipping fixtures published this week reveal the volumes will be transported from Norway and the Mediterranean to Asia on vessels due to load in late November.
Europe had booked a minimum of 1,484,000 tonnes of naphtha to the Asia-Pacific region in a span of just two weeks (weeks ending 8 November and 15 November), a sharp increase from the regular average volume of 700,000-800,000 tonnes exported per month, ICIS shipping data revealed.
Europe is structurally long on naphtha, and sellers need to export to the US gasoline and Asian petrochemical sectors to keep stocks in balance.
($1 = €0.74)
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