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RECX-22 posts modest gain as crude retreats: week to Oct 6

2017/10/09 07:00

The Rim Energy Composite Index-22 (RECX-22) average for the week to Oct 6 edged up by 0.25 point to 101.71, marking a rise in six straight weeks. While the import and export index headed lower, domestic index gained ground owing to a spike in butane.

 

The overall domestic index was down 3.03 to 97.29. In particular, propane and butane rose by 5.22 and 4.30 points, respectively as oil importers took a bullish stance in sales toward a high-demand winter season. Also buying for a purpose to build stocks was seen as international benchmark ICE Brent crude climbed to as high as $58.89/bbl. Elsewhere, low sulfur fuel oil and three other oil products marked a rise with more than 1 point. Gasoline and gasoil posted a modest rise.

 

The overall import index lost 0.49 points to 103.49. Propane and butane prices fell by 3.43 and 2.30 points, respectively as US demand toned down with an ease on an impact from the hurricane “Harvey”. A change in the benchmark trade contract period also contributed the loss. In contrast, LNG spiked 11.33 points amid thin spot availability.

 

The overall export index was down 1.79 points to 104.35. Jet fuel lost by 2.32 points and 380cst fuel oil used to run tankers posted a modest loss with less than 1 point along with an east in firm crude prices. Benzene fell by 2.32 points as China has shown weak demand with the onset of a week-long holiday week.

 

 

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