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Weekly Summary

Products: Apr 5-9:Gasoil goes up as increase in demand in Australia and Philippines

GASOLINE

The differential for MR-size cargoes of 92RON gasoline on an FOB South Korea basis was unchanged. A refiner in Japan was said to have procured some cargoes. It was reported that a refiner seemed to have some MR-size cargoes of gasoline after its refineries had been shut down unexpectedly. Another refiner was likely to import one or two MR-size cargoes of gasoline per month from South Korea from June to September. Also, Indonesia's state-owned Pertamina seemed to be making moves to buy 400,000bbl of gasoline for April.

 

NAPHTHA

A market participant in Northeast Asia viewed that CFR Japan prices for naphtha were going down some. On the back of that, it was cited that naphtha crackers for Hanwha Total in South Korea, Idemitsu, and IRPC in Thailand were in turnaround and demand of naphtha was softening.

The differential for LR-size cargoes of naphtha on an FOB Middle East basis was unchanged. Organization of the Petroleum Exporting Countries (OPEC) plus which is consisted of OPEC's cooperation with non-OPEC oil producers was going to increase oil productions gradually in May onward, so that supply of naphtha loading from the Middle East was seen to gain as well. Meanwhile, the market source viewed that narrowing arbitrage would offset the total supply volumes to Asia, but dependence on naphtha from the Middle East would be more heightened.

 

MIDDLE DISTILLATES

The differentials for MR-size cargoes of 0.001% and 0.005% sulfur gasoil on an FOB went up on increasing demand. Demand in Australia or the Philippines seemed to be strengthening. The differential on an FOB Singapore basis was also going up.

The differential for SR-size cargoes of 0.001% sulfur gasoil on an FOB South Korea basis went up due to expectations that demand would increase. Purchases from Japan, one of the main outlets for cargoes from South Korea, seemed to be increasing. In Japan, supply from one of the refiners was running short due to unplanning shutdown of its refinery, and the company was procuring volumes from the domestic barge market. Therefore, it was possible that some Japanese trading houses would procure some volumes from South Korea.

 

FUEL OIL

The differential for MR-size cargoes of 0.5% sulfur fuel oil on an FOB South Korea basis was unchanged. Hyundai Oilbank in South Korea was operating its 690,000barrels-per-day Daesan refinery fully. The company was temporary short of VLSFO, but the supply was restarting. Instead, the full run at their refinery was owing to focusing on productions of the other oil products. One of South Korean oil companies mentioned that supply was rather abundant in the markets. On the other hand, CPC in Taiwan closed a tender to sell 40,000mt low sulfur fuel oil loading in May on Thursday. The validity was set on Friday.

 

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Tokyo : Products Team  Satoko Waki   +81-3-3552-2411Copyright © RIM Intelligence Co. ALL RIGHTS RESERVED.