据安迅思5月22日新加坡报道，亚洲石脑油远期市场结构从现货升水转向期货升水，在供应充足和需求疲软的情况下，即期月价格低于远期月价格。7月份上半年交货的公开规格石脑油价格在早盘时为每吨551.75美元，低于前一天每吨562.25美元的收盘价。

根据ICIS的数据，7月下旬交货价格为每吨552.25美元，反映了两个半月之间的价差。期货合约市场结构通常反映出疲软的市场基本面。

此外，下游裂化装置的周转与现货需求的缺乏相吻合。

韩国Yeochun NCC开始对乙烯裂解炉进行维护，该计划从5月20日开始预计将持续到6月底。韩国汉化道达尔石化公司也在进行裂解炉定期维护，预计将延长至本月晚些时候。

孙子舒 编译自 安迅思

原文如下，

Asia naphtha market flips to contango on supply overhang

Asia’s naphtha forward market structure flipped to a contango from a backwardation, with prompt-month prices weaker than forward months amid ample supply and slack demand.Open-specification naphtha prices for first-half July delivery stood at $551.75/tonne CFR (cost and freight) Japan basis at early hours session, down from the previous day’s close at $562.25/tonne CFR Japan.

Prices for second-half July delivery stem stood at $552.25/tonne CFR Japan, reflecting the contango spread between the two inter-half months, according to ICIS data.A contango market structure typically reflects weak market fundamentals.

Moreover, downstream cracker turnarounds are coinciding with the lack of spot demand.

South Korea’s Yeochun NCC (YNCC) is carrying out planned maintenance at its ethylene cracker from 20 May that is expected to last until end-June.South Korea’s Hanwha Total Petrochemical is also conducting scheduled cracker maintenance, which is expected to be prolonged until later this month.