Asia’s naphtha market weakened on Tuesday as window activity remained tepid for a second day this week.

The refining profit margin declined by $4 per metric ton over Brent crude and the backwardation between first-half July and first-half August naphtha was steady at $8.75 a ton.

In purchases, a Japanese buyer sought July naphtha, while two Indian sellers offered June supplies, market participants said.

In the gasoline market, India’s MRPL offered 30,000 tons of 95-octane grade of gasoline in a tender that closes on Tuesday with same-day validity, the company said in a document.

The crack eased to $8.98 per barrel over Brent crude on Tuesday, compared with $9.78 a day earlier.

NEWS

– Nigerian fuel traders are struggling to secure gasoline supplies from two newly refurbished state-run refineries six months after they were declared operational, they say, leaving them reliant on the privately owned Dangote oil refinery and imports.

– Oil prices steadied on Tuesday due to uncertainty in U.S.-Iran negotiations and Russia-Ukraine peace talks, while new government data delivered a cautious outlook for top crude-importer China’s economy.

– If oil fell below $60 a barrel, there would be a decline in investment and power requirements would not be met, Qatar’s Minister of Energy Saad al-Kaabi said on Tuesday at an economic forum held in Doha.

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Source: Reuters