- November and October cargoes traded during MOC- October-November backwardation increases



Asian paraxylene was valued at $1,075-1,100/mt
CFR unv1/China Aug. 18 at $19-24/mt. Asian PX has also recovered from the bearish streak it had
earlier in the week due to the increase in crude oil prices. From $91.80-97.50/b on a day-to-day basis, the October Brent
crude futures rose from $91.80 to $93.98/b. C&F Japan naphtha markers rose $22-27/mt to $681.50-700.50/mt on Aug. 18. According to reports, October
cargoes were consistently tight. Bids for October rose sharply during Market on
Close. Exxon Mobil, GS Caltex, and Mercuria
Resources both purchased October cargoes at the end of MOC. Mercuria Resources, Hengli Petrochemicals, and Hengli
Petrochemicals both sold October cargoes. Mercuria
Resources sold one November cargo to Total at $1,054-1,080/mt. Mercuria Resources offered a spread of October-November at
$23-27/mt plus, and...