Brazil’s naphtha imports rebound to eighteen-month high in January

Oil

Brazil’s naphtha imports jumped up by 230K b/d m-o-m and 157K b/d y-o-y to 243K b/d in January, rebounding to the highest level since July 2019 after previously plummeting to the lowest level since January 2016 in December 2020, according to preliminary data from Brazil’s trade ministry. Total oil product imports increased by 181K b/d m-o-m to 456K b/d, while diesel imports fell by 28K b/d m-o-m and 80K b/d y-o-y to 160K b/d, an eight-month low. Arrivals of crude oil decreased by 62K b/d m-o-m and 57K b/d y-o-y to 45K b/d, which is the lowest level since March 2017.

Crude oil exports declined by 105K m-o-m b/d to 1.18M b/d, however this is still in an increase of 184K b/d y-o -y. Loadings of fuel oil also tumbled by 208K b/d (or 50%) m-o-m to 209K b/d.