Asia top stories – weekly summary
SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 13 May 2022.
petrochemical supplies rise as China exports
grow amid weak yuan
SINGAPORE (ICIS)–Asia’s petrochemical markets are being weighed down by growing supply, with China exporting more products – spurred by the weak yuan and poor domestic demand amid lockdowns.
consumer demand at risk; may not prolong CPO
SINGAPORE (ICIS)–Indonesia’s consumer demand recovery is being threatened by elevated commodity prices, with April inflation exceeding the 3% mark, while the government has taken to banning exports of crude palm oil (CPO) and its derivatives to ease surging prices of domestic cooking oil.
INSIGHT: China BD export
activity to continue as arbitrage window
SINGAPORE (ICIS)–Activity in China’s butadiene (BD) export market will continue in the short term as slumping domestic spot prices and relatively firm CFR NE Asia prices have opened an arbitrage window between the two regions.
naphtha market contango deepens, China
lockdowns curb demand
SINGAPORE (ICIS)–Asia naphtha markets are under pressure from downbeat demand amid persistent lockdowns in China, exacerbated by poor downstream margins.
seesaws amid China lockdowns, G7 pledge to
phase out Russia oil imports
SINGAPORE (ICIS)–Crude oil futures were trading slightly higher on Thursday noon, recovering from losses early in the day, on supply concerns after seven of the world’s major economies (G7) committed to phase out Russian oil, while demand worries remain amid prolonged China lockdowns.