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Asian naphtha sees a slow market activity

27
Mar '08
On Wednesday, March 26, Asian naphtha premium over Brent crude fell, as spot market activity slowed down; however, yesterday the premium hit a two-week high.

The crack spread of naphtha over Brent crude for the first half of May fell US $3.05 to $134.00 per ton. Just one deal was made in spot market, where as only 4 to 5 transactions concluded in past few trading days when manufacturers wanted to make up for May and June demand.

Mitsui Petro Diamond sold one cargo to Mitsui Hong Kong at $889.00 per ton, to be exported in the second half of May.

Indicators for nearby month naphtha contract of public specification hiked $4.00 to 891.50 per ton. Traders expect that May and June cargo market should be well supported, as supply from the West is anticipated to be reduced during summer driving season in the United States.

Gasoline reforming profits saw a rise of more than $2 to $12.46 per barrel. Sources disclosed that China Petroleum has imported 100,000 tons of gasoline with the shipments to be arrived in April.

This is for the first time that China had to purchase gasoline in last 8 months. Traders say this will further tighten supply in Asian market. China has been in short supply, while demand from Vietnam and Indonesia kept a strong growth.

Fibre2fashion News Desk - China
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