Naphtha supplies in Asia expected to swell

07-Jun-12
Naphtha intermonth premiums fell by almost half to US$1.50/ton in Asia on Wednesday amid weaker naphtha margins triggered by deteriorating demand at a time when supplies are expected to swell, as per Reuters. Shell is likely to continue operating its 800,000 tpa ethylene cracker in Singapore despite plans to shut a hydrocracker for maintenance in early July for about a month. Initial estimate by traders was a shutdown of the cracker along with the hydrocracker as it provides some raw material to the ethylene cracker. However, the plant will continue to operate since the ethylene cracker is designed to use a range of feedstock. Currently, supply is good with Asia set to receive in July about 450,000 tons of naphtha that will be loaded in Europe and Mediterranean – over 20% higher than June arrivals. Since most of the incoming arbitrage cargoes for July arrival have not found buyers, it might be better to sell them than to store them on vessels and suffer demurrage.
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