China National Offshore Oil Company (CNOOC) for instance will shut its 240,000 barrel-per-day refinery in southern China's Huizhou city for a planned overhaul that lasts about 50 days, starting late February. Asia's naphtha crack edged up 87 cents to a two-session high of $35.48 a tonne.
Demand for the petrochemical feedstock this week has been firm, with at least seven end users having scooped up at least 180,000 tonnes of naphtha for second-half February to first-half March delivery. The amount of naphtha arriving in Asia from the West is set to fall to a four-month low in February at 1.4 million tonnes, offering some respite to local traders after months of surplus supplies.
Indonesia's Pertamina was looking to buy three 88-octane grade gasoline cargoes totalling 480,000 barrels for first-half February loading from Singapore or Malaysia through a tender closing on January 11, with offers to stay valid until January 15.