Feb naphtha exports from India at 800,000 tons as refiners stretch exports to gain from strong prices

11-Jan-10

As refiners stretch their exports to maximum levels this month, to gain from strong prices in Asia, February lifting naphtha exports from India have totaled to 800,000 tons, about 10% lower than January's total of 850,000-900,000 tons. This will be augmented by the arrival of 1.21 mln tons of Western naphtha - the highest volumes of Western naphtha for Q1. The additional volumes will be consumed by the region’s strong demand. In fact, the high Indian exports and arbitrage volumes will likely create a more balanced market. A 4 day delay in Kuwait's shipment of end-December and early-January cargoes to Asia and a 50-day maintenance shutdown at Saudi Aramco's Ras Tanura refinery have supported the markets.