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Mideast, Suez naphtha stocks to move West
Egyptian cargoes lifting from Suez usually target Asian customers.
July 22, 2010 11:37 by Reuters
About 300,000 tonnes of Middle Eastern and Suez naphtha cargoes have either been fixed, or provisionally booked for a rare move to the West, to help ease the high stockpiles in Asia, traders said on Thursday.
Asia, which is structurally short in supplies, have often looked to Europe, the Mediterranean and the United States to plug its supply shortage.
Egyptian cargoes lifting from Suez are also usually targeted at Asian customers, but Asia is struggling under high inventories.
“What I understand is that these parcels were mainly booked to move in end July to early August,” said a North Asian trader.
(Reporting by Seng Li Peng; Editing by Ramthan Hussain)