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Naphtha turns bullish in second-half of Dec
31
Dec '11
In the fortnight between December 15 and 30, price of Naphtha increased. In early days of the fortnight, Naphtha prices increased due to firm seasonal demand. During the first half of the fortnight, selling offers for Naphtha increased at slower rate as export of Naphtha remained weak from Asia to Europe, despite opening of an arbitrage window.

Overall, it indicated poor demand due to year-end festive season in European market. In the beginning of the first half of fortnight, selling offers for Naphtha in Singapore market was around US$ 96.25/barrel. In F E Asian market, selling offers were around US$ 875/ton whereas in M E Asian market, selling offers were around US$ 844.25/ton.

In European market, selling offers hovered in the range of US$ 860/ton to US$ 865/ton. In Mediterranean Sea market, selling offers were around US$ 825/ton. By end of the third week, Asian Naphtha futures stood around US$ 922/ton for delivery in first-half of January. Selling offers for Naphtha for delivery in the second-half in January were quoted around US$ 910/ton and February delivery was at US$ 905/ton.

In Singapore, spot market selling offers were around US$ 100.25/ton. At the end of the first half of the fortnight, selling offers for Naphtha were around US$ 915/ton in F E Asian market whereas in M E Asia, Naphtha spot offers hovered around US$ 885/ton. In Mediterranean Sea market, selling offers were at US$ 857/ton. In European market, selling offers were in the range of US$ 885/ton to US$ 890/ton.

In the second half of the last fortnight, selling offers for Naphtha increased quickly with support of demand from East African countries. Demand from Kenya and other African countries increased due to a higher growth rate. Market experts were optimistic about outlook for 2012 for Naphtha.

In the second week of the fortnight, Chinese and Taiwanese firms remained major buyers despite uncertainty in global economies. In Asian market, selling offers for Naphtha opened with marginal gain in the range of US$ 100.75/barrel to 101.00/barrel.

In F E Asian countries, selling offers were around US$ 920/ton whereas in M E Asian market, offers were in the range of US$ 885/ton to US$ 890/ton. In Mediterranean Sea market, selling offers were around US$ 850/ton. In N W European market, Naphtha offers were in the range of US$ 880/ton to US$ 885/ton.

During the second half of the fortnight, bullish market was mainly attributed to limited availability in Asian market and closure of approx four percent refining capacity in European region.

At the end of period selling offers in European market were around US$ 880 to US$ 885/ton. In Mediterranean Sea market, Naphtha prices were around US$ 850/ton. In S E Asian market selling offers were in the range of US$ 880/ton to US$ 885/ton whereas in M E Asian market, Naphtha price was in the range of US$ 875/ton to US$ 880/ton.

In Japanese market offers were in the range of US$ 905/ton to US$ 910/ton and in Singapore spot market, offers hovered around US$ 99.60/barrel.

Editorial Note:
Naphtha market is expected to remain bullish in near future due to positive fundamentals.


Fibre2fashion News Desk - India


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