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Naphtha markets look for cues
22
Sep '09
According to a report released recently, global crude oil is expected to show an oversupply situation next year. However, analysts point out that it does not mean oil prices will decline further.

There are many factors, which will prevent oil prices from slipping, like trend of the U.S. dollar, geopolitical and other external factors. In short term, crude oil futures price is expected to fluctuate within US $60-80 per barrel.

The report released by the US Department of Energy says that, China's domestic oil product market is still stagnant and most product categories are still showing downward trends and refining margins are under pressure.

Naphtha refineries in Shandong are experiencing consolidation, although a few individual manufacturers have adjusted their prices, the overall market is still within mainstream price range.

In Northwest region, shipment of naphtha resources have slowed down, due to lack of enthusiasm from refineries for producing the raw material and this situation is not expected to improve in the short term.

Currently overall demand cannot provide a strong impetus to the market and it will still take some time for downstream manufacturers and traders to consume existing inventories.

Taking all the above factors, current market trend will remain quiet for some more time and the market will continue to wait for emergence of some more cues, although there could be active under currents beneath the surface.

Fibre2fashion News Desk - China

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