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ADNOC and Kuwait Petroleum Corp have increased naphtha shipments to Asia in recent months via ship-to-ship transfers outside the Strait of Hormuz. Trade data and traders said the flows are helping Asian petrochemical producers lift output.
ADNOC and Kuwait Petroleum Corp increased naphtha shipments in August and September via ship-to-ship transfers outside the Strait of Hormuz, helping Asian petrochemical producers raise output. Trade data showed combined Gulf exports rose to about 5 million tons in the two months.
Asia's naphtha prices traded steady at firm levels in a steeply backwardated market on Friday amid resilient demand from steam crackers in the region, analysts said.The price of first-half November naphtha stood at about $931 per metric ton. The backwardation between first-half November and first-h…