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Light & Full-Range Naphtha Study

FGE's detailed assessment of the mid/long-term outlook for Naptha

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FGE’s detailed assessment of the mid/long-term outlook for naphtha sets the stage on fundamental shift occurring within the oil and gas markets going forward – the pivot from transportation fuels into petrochemicals amid the energy transition.

In this study, we forecast naphtha supply and demand globally using bottom-up modelling to explore impacts and trends for naphtha trade and pricing up to 2035.

The first half of 2020 saw the plummeting of crude prices to multi-year lows with US shale production impacted. With NGL supply growth stunted by the impact of low crude prices on upstream production and midstream companies shelving and delaying projects, how will the changing production profile of NGLs in the US impact the cost-curve for ethylene production going forward?

The 2020s will see radical shifts in the Atlantic Basin gasoline trade of products with refining capacity in the West African region touted to eradicate much of the oil product deficit in the African continent. These will undoubtedly impact gasoline blending margins and refining margins in the West of Suez.

In the East of Suez, we are seeing a radical growth in the deficit of naphtha, largely driven by capacity additions and expansions on olefins in the East Asian and South East Asian regions. With incremental refining capacities in the East through the 2020s largely integrated downstream with petrochemicals units, where will the incremental naphtha come from?

With a number of ethane and propane-fed olefins projects planned for start-up through the 2020s, how will balances for these feedstocks impact the cost curve for naphtha-fed crackers?  How will the pricing and trade of naphtha evolve through the next decade with a weaker pull from gasoline and a stronger pull from petrochemicals? 


Key Areas Addressed in this Study

  • Global demand and supply projections until 2035 by naphtha grade
  • Heavy and heavy full-range naphtha outlook
  • Olefin market outlook
  • Scenario analysis of the key events and structural changes impacting global naphtha markets
  • Light and full-range naphtha market dynamics
  • Gasoline market outlook
  • Dynamics between crude, condensate, naphtha, LPG, and ethane within the olefins space

Scope of Coverage

  • Structure
    • Executive Summary
    • Heavy & Heavy Full-Range Naphtha Trends
    • East of Suez Outlook
    • Naphtha Trade & Pricing, 2018-2035
    • Appendix
    • Global Olefins Trends
    • Global Gasoline Trends
    • West of Suez Outlook
    • Scenario Planning
  • Deliverables
    • PDF copy of the report (PowerPoint layout)
    • Presentation can be arranged under terms to be mutually agreed.
    • Supporting Excel data file
      • Supply and Demand Balances by Region, Country and Naphtha Grade
      • Cracker Database
      • Naphtha Specifications

This Study will Add Value to

  • Oil Majors and Oil & Gas Companies Seeking an outside perspective on the likely future economic environment of the international condensate trading market.
  • Shipowners Conducting analysis of future trade flows and volumes.
  • Other Oil and Service Companies Any company operating in the sector should benefit from an internally consistent and detailed assessment of potential developments in the market as an alternative to reliance on forecasts from government or international organizations.
  • Petrochemical and Chemical Companies Seeking an independent outlook of the international condensate trading market.
  • Trading Houses Identifying emerging underlying shifts in trade flows.

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