SINGAPORE: The Asian naphtha market stayed weak on Wednesday as high arbitrage inflows in June and July are expected to keep supply ample.
ARBITRAGE: West-to-East naphtha supplies are expected to hit the highest for this year at 1.4 million tonnes in June, an industry analyst said. July arbitrage volume is expected to stay strong at 1.3 million tonnes, he said.
TENDERS: India's MRPL has sold 35,000 tonnes of naphtha for loading on July 14-16 at $11 a tonne above Middle East quotes to Gunvor, traders said. The premium is $3.50 lower than its previous deal for an early July loader.
BPCL offered 33,000 tonnes of light aromatics naphtha for loading on July 9-11 in a tender to close on June 16.
PTT offered 15,000 tonnes of reformate for loading on July 3-5 in a tender to close on June 16.
KOREA: Hanwha Total closed on Wednesday a tender to buy naphtha for second-half July loading although details of the award are yet to emerge.
JAPAN: The country's naphtha imports for the petrochemical sector rose to 1.12 million tonnes in May, up 6 percent from the same month a year earlier, government figures showed.
Ethylene production in May rose 5.8 percent from the same period a year earlier to 535,900 tonnes.
FUJAIRAH: Light distillates stocks rose marginally by 8,000 barrels to a three-week high of 5.497 million barrels in the week that ended June 12.
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