GASOLINE

The differential for MR-size cargoes of 92RON gasoline on an FOB Northeast Asia basis was unchanged. Exports from China were increasing. Some refiners in the country seemed to export additional volumes loading in July due to oversupply at home. The volume was said to reach 300,000-400,000mt. Meanwhile, no spot talks for cargoes loading in August were reported from Northeast. It was possible that refiners in the region had yet to fix export schedules in the month. No fresh spot purchases were heard from Southeast Asia including Indonesia.

NAPHTHA

In the Northeast Asia spot market, buying for first-half August delivery rushed one after another. One of traders in Northeast Asia said that CFR Japan naphtha prices were soaring up due to increasing spot procurements by buyers. Further, the trader added that traders were keeping trading at minimum volumes for taking profits and it was a factor of expensive deals.

MIDDLE DISTILLATES

The differential for MR-size cargoes of 0.001% sulfur gasoil on an FOB Northeast Asia basis was unchanged. Most market players almost finished spot sales for cargos loading in July and started checking markets for cargoes loading in August. It was reported that some China-based traders perceived that selling ideas for 0.001% sulfur gasoil cargoes loading in August at a premium of around 50cts/bbl to Singapore quotations on an FOB South Korea basis. However, market players stayed in a wait-and-see stance for cargos loading in August, and it was said that spot trades were inactive as of now.

FUEL OIL

The differential for MR-size cargoes of 3.5% sulfur fuel oil on an FOB South Korea basis was unchanged. Instead, on the back of extended demand for power generation and straight run fuel oil, price tones of high sulfur fuel oil were slightly strengthening. Also, a gain in refining costs caused by recent high crude prices was one of supportive factors. In this situation, Formosa Petrochemical Co. (FPCC) was conducting a sell tender for high sulfur fuel oil loading in July with the closing date and the validity were set on mid-July.

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