Firm reformate, toluene US Gulf Coast prices expected on PDVSA offer to sell naphtha

Venezuela's PDVSA has offered light naphtha and natural gasoline in the US. Spot reformate and toluene prices in the US Gulf Coast are likely to stay firm in the near term because of blending requirements that will crop up, as per Platts. On Wednesday, PDVSA issued a tender to sell 150,000 barrels of light virgin naphtha along with 100,000 barrels of natural gasoline, lifting from Venezuelan ports during mid-October, with a destination restrictions of either the US East Coast, Gulf Coast or the Caribbean. The tender included provisions of two additional combined 250,000 barrel cargoes first lifting in November and later in December. It is likely the naphtha will head to the New York Harbor for use as a gasoline blendstock, as gasoline blenders usually pay better than petrochemicals. Also, the petrochemical complex cannot handle MTBE contamination found in Venezuelan naphtha.
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