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Weekly Summary

Products: Jul 6-10: NE Asia Jet market could be weaker as demand retreats

GASOLINE

The differentials for MR-size cargoes of gasoline on an FOB Northeast Asia basis went up. Traders were willing to buy cargoes toward the summer demand season. On Wednesday, Formosa Petrochemicals Co (FPCC) in Taiwan sold an MR-size cargo of 93RON gasoline loading on Aug 4-8 through a tender at a premium of $1.20/bbl to Singapore quotations (92RON) on an FOB basis.

 

NAPHTHA

In the Northeast Asia spot market, Mitsui Chemical in Japan was moving to procure full range and light grade. Also, one Japanese end-user and South Korean buyers seemed to seek open-spec naphtha for second-half August delivery. A trader saw that a general election in Singapore on July 10 would slow down the market movements, then the last-minute demand was increasing.

 

MIDDLE DISTILLATES

The differentials for MR-size cargoes of jet fuel on an FOB Northeast Asia Korea basis were unchanged. A wait-and-see stance was ongoing in the market, and no firm offers and bids were reported. GS Caltex in South Korea conducted a sell tender for an MR-size cargo of jet fuel loading in August on Thursday, but the results of the tender were unknown. In Asia, demand in China and Hong Kong was declining. It was reported that prices for jet fuel in Northeast Asia could be weakening unless inquiries for cargoes to be brought into the US West Coast would increase.

 

FUEL OIL

Northeast Asia LSFO Cargoes

The differential for MR-size cargoes of 0.5% sulfur fuel oil on an FOB South Korea basis was at a premium in the range of $55.00-65.00/mt to Singapore quotations, up $5.00/mt on further tight supply. As reported, SK Energy reached the timing of finishing turnaround of vacuum residue desulfurization (VRDS) unit, but the company decreased the run rates for its crude distillation unit (CDU) due to unprofitable refining margins. A tone of reduction of producing at refineries started to be seen again, and supply was thinning.

 

Asia-products(Japanese) report sample

Products (English) report sample

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