Wednesday, November 17, 2010

Unexpected demand from China sustains strength in naphtha strength despite arbitrage cargoes

China is seeking additional quantities of naphtha for the last quarter of 2010, probably extending the bull-run until Q1 2011. Unipec, trading arm of top Chinese oil firm Sinopec has bought at least tthree medium-range cargoes of 30,000 tons each, for Q4 delivery mainly into Eastern China, as per Reuters.

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