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Exports of naphtha from Europe to Asia could dip in September

August 11/2009

August 11/2009, (plastemart.com) -- Contrary to earlier expectations, naphtha supply situation in Asia could be tight next month. Europe’s naphtha exports to Asia could witness a fall in September, as imports from northwest Europe (NWE) dwindle. This has caused arbitrage spread to thin down to plus US$1.50/ton early last week, the lowest recorded this year as per ICIS. Supplies from the Middle East, which has excess naphtha supply partly due to cancellation of orders from term customers, may increase shipments to Asia. However this may not suffice in moderating the expected tight supply.

 

Lower volumes of August arrivals from NWE and the Mediterranean are expected. About 500,000 tons from NWE and 90,000-120,000 tons of paraffinic quality from USA are expected in Asia. Supplies from the Mediterranean has tightened considerably one single Chinese user has grabbed all term contract volumes - Fujian Dahua had bought heavy full range naphtha from Egyptian General Petroleum Corporation’s (EGPC) Alexandria and Suez refineries for the next three months from July-September at premiums of $21/ton to Mediterranean FOB and Middle East FOB quotes.


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