|2019-05-24 来源： 中国石化新闻网|
孙子舒 编译自 安迅思
Asia naphtha market flips to contango on supply overhang
Asia’s naphtha forward market structure flipped to a contango from a backwardation, with prompt-month prices weaker than forward months amid ample supply and slack demand.Open-specification naphtha prices for first-half July delivery stood at $551.75/tonne CFR (cost and freight) Japan basis at early hours session, down from the previous day’s close at $562.25/tonne CFR Japan.
Prices for second-half July delivery stem stood at $552.25/tonne CFR Japan, reflecting the contango spread between the two inter-half months, according to ICIS data.A contango market structure typically reflects weak market fundamentals.
Moreover, downstream cracker turnarounds are coinciding with the lack of spot demand.
South Korea’s Yeochun NCC (YNCC) is carrying out planned maintenance at its ethylene cracker from 20 May that is expected to last until end-June.South Korea’s Hanwha Total Petrochemical is also conducting scheduled cracker maintenance, which is expected to be prolonged until later this month.