RECX-22 extends losses on weak demand of kerosene and LNG: week to Mar 23
The Rim Energy Composite Index-22 (RECX-22) average for the week to Mar 23 was at 102.17, down 0.28 points from the previous week. RECX-22 extended declines for a fourth consecutive week due to weak demand of kerosene and liquefied natural gas (LNG).
The overall domestic index fell slightly by 0.27 points to 97.95. Kerosene dropped by 2.52 points owing to sluggish demand for heating amid a rise in temperatures. On the other hand, gasoline and gasoil increased following firm crude.
The overall import index softened by 0.33 points to 99.23. LNG plunged by 7.00 points owing to slack demand/supply fundamentals. Propane and butane were also down by 0.89 points and 0.30 points, respectively with a sense of oversupply. On the other hand, other five oil products, such as naphtha, jet fuel, kerosene and two different kinds of fuel oil, strengthened along with strong crude.
The overall export index inched lower by 0.23 points to 109.33. Benzene lost 2.08 points following weak styrene monomer. Firmer future prices of jet fuel, gas oil and fuel oil supported export index.