Additional 50,000 tons spot naphtha offered for September by Kuwait Petroleum Corp

17-Sep-09
Kuwait Petroleum Corp (KPC) is considering selling an extra 50,000 tons of naphtha as spot cargo this month, taking September spot exports to at least 200,000 tons. This level is still lower than record-high levels of 300,000 tons in May as well as in July. The regularity of exports by KPC is an indication that the delayed Kuwait Aromatic plant is not ready for start up. When the plant comes onstream, it will require 1.5 mln tpa of full-range naphtha a from KPC. This additional supply of naphtha will flood the market when the outlook is pessimistic and sentiments are weaker than about fifteen days ago. Markets are bearish on limited buying and increased exports from India after its delayed monsoon has limped to normalcy. The persistent absence of supply from Europe has supported crack spreads at above US$100/ton since August 26.
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