Asia’s naphtha prices declined to the lowest level since June 2023 on Wednesday, in tandem with crude oil benchmarks, pushing margins to about $70 per metric ton.
The price for second-half May naphtha tumbled by $17.25 to $524.25 per ton and the backwardation widened to $7.75 a ton.
A deal emerged for first-half June cargo at the window after a gap of two trading sessions. In tenders, South Korea and Japanese buyers sought May naphtha, while an Indian refiner offered April cargo, market participants said.
Meanwhile, Saudi Aramco has signed a deal with China’s Sinopec to expand a petrochemicals complex operated by their Yasref joint venture on the kingdom’s western coast, the Saudi state oil company said on Wednesday.
NEWS
– Oil prices fell for a fifth day on Wednesday to their lowest since February 2021 after U.S. President Donald Trump’s “reciprocal” tariffs took effect, including a 104% duty on Chinese goods, intensifying a global trade war.
– India’s Reliance Industries has shut a crude unit and some secondary units for maintenance for 21 days from this week at its 660,000 barrels-per-day domestic market-focused refinery, trade sources familiar with the matter said.
SINGAPORE CASH DEALS
Four gasoline trades, one naphtha deal.
Source: Reuters