AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

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.