Vortexa Insights

Oct 29 2021


* Diverging crude floating storage trends * Asia naphtha strength * Weak FSU fuel oil exports

Crude floating storage shows diverging trends
With oil prices slowly but apparently surely approaching $90/b and backwardation strengthening, any type of oil stocks can be expected to draw. This is also the case for floating storage - with one notable exception catching eyes.
 
 
Asia’s chase for naphtha amidst a global shortage
The peculiarity of global gasoline tightness even as the western hemisphere heads into winter and the seasonal rise in ethylene cracker runs in the east has led to an intensifying competition for naphtha molecules. Asia’s naphtha cracks are barreling to multi-year highs that show no signs of abating.
 
 
FSU fuel oil exports decline in October
Fuel oil exports from Russia and other Former Soviet Union nations (FSU) are on track for a weak October, as ongoing refinery maintenance work continues to weigh on production and limits flows to key importers Netherlands, the US and Asia.
 
 



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