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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL PRODUCTS
Russian naphtha exports have seen a sharp slowdown post Feb 5 EU sanctions, indicating the country is struggling to place volumes in new markets.
- Although Asia’s cracker margins have improved in recent weeks amid a tighter ethylene market, they remain in the red.
- The region is also receiving ample supplies from the Middle East on a contractual basis.
- Of the 930kt Russian naphtha exported in February, at least 60% of the volume is headed for Asia according to Vortexa. Singapore is the top destination, with almost all flows going into storage.
- Outside of Asia, UAE’s Fujairah’s oil storage terminals offers another outlet for Russian naphtha but demand there has been limited while higher volumes in the region is weighing on markets.
- Russia also has limited domestic blending capacity for naphtha. Issues placing naphtha into global markets longer term may result in Russia being forced to reduce refinery runs.
source: Vortexa
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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