Naphtha in the doldrums

摘要

Weak gasoline blending demand weighed on naphtha, while interest from outside Europe supported vacuum gasoil (VGO) and straight-run fuel oil. Diesel strengthened on expectations of reduced Russian supplies next month. Slowing demand from gasoline blenders and limited export opportunities to Asia-Pacific — as a result of maintenance at petrochemicals plants extending into May — weighed on naphtha. But Novatek provisionally booked the STI Winnie, loading on 28 April, and the Four Sky, loading on 1 May, to take 80,000t cargoes from the Baltic to Japan, at $2.25mn each.