Asia’s naphtha refining profit margin plunged to the lowest level since April 17 after underlying prices jumped to more than two-month high.
The crack traded at $69.90 per metric ton over Brent crude, while prices for first-half August cargo rose by $8.50 to $640.50 a ton, the highest level since April 2.
In purchases, CNOOC was heard seeking 80,000 tons naphtha with minimum 70% paraffin content for first-half August delivery, while Qatar Energy offered two parcels of about 52,000 tons of full range naphtha in a tender that closed on Tuesday with same day validity, market participants said.
Vietnam’s Petrolimex floated term tenders for seeking 40,000 tons of 95-octane Euro 3 and Euro 5 gasoline, respectively, for the July to December period, they added. The tenders are valid till June 25.
NEWS
– Former Iranian Economy Minister Ehsan Khandouzi has said that tankers and LNG cargoes should only transit the Strait of Hormuz with Iranian permission and this policy should be carried out from “tomorrow Wednesday for a hundred days.”
– Brent crude’s premium to Middle East benchmark Dubai soared above $3 a barrel on Wednesday, market sources said, hitting its highest since late September 2023 according to LSEG data.
SINGAPORE CASH DEALS
One gasoline trade.
Source: Reuters