AIRLINK 190.63 Decreased By ▼ -4.20 (-2.16%)
BOP 9.84 Increased By ▲ 0.03 (0.31%)
CNERGY 7.73 Increased By ▲ 0.37 (5.03%)
FCCL 40.20 Increased By ▲ 1.62 (4.2%)
FFL 16.69 Increased By ▲ 0.24 (1.46%)
FLYNG 28.14 Increased By ▲ 0.60 (2.18%)
HUBC 132.59 Increased By ▲ 0.84 (0.64%)
HUMNL 13.84 Decreased By ▼ -0.02 (-0.14%)
KEL 4.62 Decreased By ▼ -0.04 (-0.86%)
KOSM 6.63 Decreased By ▼ -0.03 (-0.45%)
MLCF 46.85 Increased By ▲ 1.46 (3.22%)
OGDC 213.82 Decreased By ▼ -0.17 (-0.08%)
PACE 6.95 Increased By ▲ 0.09 (1.31%)
PAEL 40.40 Increased By ▲ 0.34 (0.85%)
PIAHCLA 17.16 Increased By ▲ 0.37 (2.2%)
PIBTL 8.41 Increased By ▲ 0.09 (1.08%)
POWER 9.66 Increased By ▲ 0.23 (2.44%)
PPL 182.39 Increased By ▲ 0.20 (0.11%)
PRL 41.61 Decreased By ▼ -0.22 (-0.53%)
PTC 24.75 Increased By ▲ 0.19 (0.77%)
SEARL 104.10 Increased By ▲ 1.57 (1.53%)
SILK 0.99 Decreased By ▼ -0.01 (-1%)
SSGC 39.63 Increased By ▲ 0.19 (0.48%)
SYM 17.38 Increased By ▲ 0.05 (0.29%)
TELE 8.82 Increased By ▲ 0.06 (0.68%)
TPLP 12.73 Decreased By ▼ -0.02 (-0.16%)
TRG 66.85 Increased By ▲ 1.45 (2.22%)
WAVESAPP 11.35 Increased By ▲ 0.24 (2.16%)
WTL 1.78 Increased By ▲ 0.08 (4.71%)
YOUW 4.05 Increased By ▲ 0.11 (2.79%)
BR100 12,022 Increased By 48.2 (0.4%)
BR30 36,455 Increased By 308.9 (0.85%)
KSE100 113,667 Increased By 223.6 (0.2%)
KSE30 35,677 Increased By 41.3 (0.12%)

Gas oil swaps fell on Monday, as high supplies persisted. But sentiment improved as drawdown in gas oil stocks in Europe re-ignited hopes of East-West arbitrage trades.
GAS OIL ARB WINDOW MAY OPEN: October gas oil swaps fell $1.39 to $118.45 a barrel, with the intermonth swaps standing at $1.10 a barrel in contango. Demand from top Asian gas oil buyers such as Indonesia, Vietam and China were weaker than before due to high stocks, but falling inventory in Europe may pry open the East-West arbitrage window.
-- Week-to-week data showed that gas oil stocks in the Rotterdam-Amsterdam-Antwerp (ARA) hub fell to 1.963 million tonnes last week from 2.038 million tonnes.
LIMITED FUEL SUPPLY: September paper values fell by $11.25 to $567 a tonne, while supplies remained tight on limited European arbitrage inflows for September arrival.
However, traders expect European arbitrage arriving in Asia next month to hit around 2.8-2.9 million tonnes, slightly above this year's monthly average of 2.7 million tonnes. August and September European arbitrage volumes were below the monthly average, at around 2 million tonnes a month, respectively.
NAPHTHA GLUT: September naphtha swaps rose $1.20 to $95.70 a barrel, but weak sentiment lingered, as high stocks failed to subside on poor demand. Asia's top ethylene maker Formosa Petrochemical Corp and South Korea's number one ethylene producer YNCC were among some of the end users looking to defer deliveries of cargoes because of high stocks.
Traders who were earlier hoping that October could spell the end of their selling woes, were less optimistic. Lack of fresh European arbitrage arriving in October and heavy maintenance in Japanese refineries were initially expected to lift sentiment. However, the persistently weak buying interest could offset the fall in naphtha supplies.

Copyright Reuters, 2008

Comments

Comments are closed.