Unipec seeks naphtha cargo for H2 December

18-Nov-14

Unipec has returned to the market seeking naphtha for H2-December delivery to China. Last week, the Chinese company failed to buy naphtha likely to uneconomical offers, as per traders in Reuters. Unipec, the trading arm of top Chinese oil firm Sinopec, had previously bought over 300,000 tons of naphtha for H2-November to H1-December delivery to China. No reasons for buying this unusually high volume is clear. Traders opine that Unipec could be supplying the cargoes to an end user in Eastern China due to lower supplies available for petrochemical firms. "The naphtha market is depressed, but traders will jump on any news that appear bullish," said a trader.