RECX-22 rebounds on strong crude: week to Mar 30
The Rim Energy Composite Index-22 (RECX-22) average for the week to Mar 30 was at 103.34, up 0.55 points from the previous week, rising for the first time in five weeks.
The overall domestic index rose by 0.22 points to 98.17. A fuel oil and LSA fuel oil jumped by 2.74 points and 2.57 points, respectively owing to strong crude despite a change in the benchmark trade contract period to April from Mar 26.
The overall import index climbed by 1.30 points to 100.52. Naphtha, jet fuel and gasoil increased more than by 3 points due to firm crude. On the other hand, LNG plunged by 8.29 points on slack demand/supply fundamentals following the onset of off demand season which pushed LNG market lower.
The overall export index increased slightly by 0.12 points to 109.45. Jet fuel soured by 3.77 points, however, benzene dipped by 2.75 points with sluggish market in China.