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Asian naphtha market moves to stronger positions
03
Dec '09
Asian naphtha moved to stronger positions on Wednesday, market picture remained strong, spread between spot market and futures enlarged, as the two markets moved in reverse directions with support from strong local demand.

Mitsui Chemicals has shown intention to purchase 25,000 tons of cargo for arrivals in January delivery in Osaka, but has still not been able to close the deal.

According to sources, the Bharat Petroleum plant in Kochi in India sold spot naphtha cargo at a higher price than those prevailing in the markets. Strong demand in Northeast Asia is supporting the recent surge in naphtha market.

India's Bharat Petroleum sold out 27,000 tons of low aromatics naphtha cargo to Itochu Corporation to be loaded by December 10-12 at Kochi, with a premium of about US $34 per ton over offers from the Middle East.

Bharat Petroleum plans to export two batches of low aromatics naphtha cargo from Kochi and two batches of same grade naphtha cargo from Mumbai in December. In addition, the company also sold through tender 25,000 tons of high aromatics naphtha cargo from Mumbai to be loaded by December 20-24.

According to the data from Japanese Petroleum Institute, as of November 28, Japan's weekly output of kerosene and kerosene stocks were essentially flat with the previous week. For the same week, naphtha inventories declined slightly, despite naphtha production increasing by 37 percent.

Aviation kerosene production also rebounded. Average refinery utilization rate in Japan jumped 80.1 percent, while in the previous week it was 75.8 percent.

In spot market, Shell sold to Victor a cargo of naphtha at $750 per ton, shipment to be made in the second half of January and also contracted with Glencore at $741 per ton for shipment in the second half of February.

Naphtha Japanese Benchmark price for cargoes to be delivered in the second half of January rose by $8.50 to $751 per ton, spread between the second half of January and the first half of February was $7 per ton and the spread between the second half of January and the second half of February was $12 per ton.

Fibre2fashion News Desk - China

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