NEW DELHI : Asian naphtha markets are likely to stay depressed in the first half of 2023 as the region prepares to absorb Russian supplies after Europe's ban on Moscow's oil products takes effect on Feb. 5, and demand from the petrochemical sector remains subdued.Traders and analysts expect some of the na
NEW DELHI : Asian naphtha markets are likely to stay depressed in the first half of 2023 as the region prepares to absorb Russian supplies after Europe's ban on Moscow's oil products takes effect on Feb. 5, and demand from the petrochemical sector remains subdued.
Margins and the spot price have risen slightly in January so far, driven by weakness in crude oil benchmarks, but the upside has remained limited due to poor petrochemical demand, analysts said. Russia's exports to Europe have dropped to about 500,000 tonnes in January as trade is being diverted to avoid imminent sanctions.
"China's domestic demand is likely to be lower than previous years as COVID seems to be raging once more there, especially now that there are no restrictions in place, and that could hurt naphtha import demand as a result," Kpler's Wright said."We have Singapore naphtha cracks at their weakest in the first quarter in 2023 and then slowly recovering," said Alan Gelder, vice president, refining, chemicals and oil markets at Wood Mackenzie.
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