2025年10月石脑油船期月报-20251121

Report Information - Report Title: "Monthly Report on Naphtha Shipments in October 2025" [2] - Release Date: November 21, 2025 [2] - Research Group: Chemical Group of Guotou Futures Research Institute [2] - Authors: Pang Chunyan (Z0011355), Wang Xueyi (F03125010) [2] Market Overview - In October, Russia's shipment volume was 7.7916 billion barrels, a 20.81% month-on-month decrease; the Middle East's shipment volume was 42.7718 billion barrels, a 0.8% month-on-month increase; the US loading volume was 3.0974 billion barrels, a 44.08% month-on-month decrease. The total shipment volume decreased by 4.15 billion barrels compared to the previous month, a 7.18% month-on-month decline [3]. - The region with the highest total arrivals among major regions was Northeast Asia, with an arrival volume of 28.2371 billion barrels. China's naphtha arrivals last month were 10.4365 billion barrels, a month-on-month increase of 2.4858 billion barrels. Imports from the Middle East accounted for the highest proportion at 47.29%, followed by the Mediterranean, North Africa, and South Asia. The supply volume from Northeast Asia and South Asia decreased last month, while imports from the Middle East, Russia, the Mediterranean, and North Africa all increased [3]. Shipment and Arrival Data | Region | August 2025 | September 2025 | October 2025 | 1 - 10 Month Cumulative | 1 - 10 Month Cumulative YoY | | --- | --- | --- | --- | --- | --- | | Russia Shipment | 11.6092 billion barrels | 9.8393 billion barrels | 7.7916 billion barrels | 106.6778 billion barrels | -25.00% | | Middle East Shipment | 45.4791 billion barrels | 42.4327 billion barrels | 42.7718 billion barrels | 435.8288 billion barrels | -5.05% | | US Shipment | 5.6514 billion barrels | 5.5388 billion barrels | 3.0974 billion barrels | 47.8221 billion barrels | -33.00% | | Northeast Asia - China | 1.4226 billion barrels | 1.664 billion barrels | 1.1284 billion barrels | 13.2815 billion barrels | -7.00% | | Middle East - China | 5.5048 billion barrels | 3.4872 billion barrels | 4.9349 billion barrels | 45.0983 billion barrels | 17.93% | | Russia - China | 3.0558 billion barrels | 0.641 billion barrels | 1.1468 billion barrels | 12.8776 billion barrels | -37.53% | | South Asia - China | 2.4323 billion barrels | 1.594 billion barrels | 1.3265 billion barrels | 15.7723 billion barrels | 283.08% | [4]