US company Castleton Commodities International LLC (CCI) is expanding its oil product trading in Asia to include naphtha, as per market sources in Reuters. The privately held commodities merchant has been trading fuel oil through its Singapore office for more than 18 months, along with petrochemical feedstocks including aromatics and olefins derivatives. Several firms including Norway's Statoil, Mercuria Energy, Mabanaft GmbH and Noble Group have either expanded or started naphtha trading operations in Singapore in recent years, as the region looks to plug a supply gap with shipments from Europe and the Mediterranean.
The move coincides with the need for United States to push more naphtha to Asia as US petrochemical firms increasingly turn to ethane derived from shale gas exploration. "Naphtha has lots of arbitrage flows and there could be more U.S. cargoes coming to Asia in the future," said a Singapore-based trader.
17-Jun-14 
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