Asia’s naphtha margin rose for a second straight day, reflecting the weakness in crude prices on Tuesday, although demand-supply fundamentals remained mixed, traders and analysts said.

The crack rose to $70.40 per metric ton over Brent crude, from $66.20 a day earlier. Prices for first-half September and first-half October naphtha traded below $700 a ton, while backwardation between the two declined by 50 cents to $4.50.

In gasoline markets, the refining profit margin was little changed at around $7 per barrel over Brent crude on Tuesday for a second consecutive session.

At the deals window, energy trader Aramco snapped up 50,000 barrels of benchmark-grade of transport fuel. O/AS

In tenders, Pakistan’s PSO sought 92-octane grade of gasoline on cost and freight basis for delivery during Sept. 1-13 in a tender that closes on July 29, the company said in a document.

– Oil prices were flat on Tuesday after a European Central Bank official hinted at a possible rate cut in September, offsetting pressure from renewed hopes of a ceasefire in the war in Gaza. Oil prices declined in the previous two sessions. O/R

– Indonesian state-controlled refiner Pertamina has added Russian oil grades to its tender lists to buy September crude, three traders said on Monday.

– A tanker that fled the scene of a fiery Friday collision off Singapore entered the area of Malaysia’s Bertam floating oil terminal on Monday after being tracked down and intercepted by Malaysian authorities, shipping data from LSEG and Kpler showed.
Source: Reuters (Reporting by Mohi Narayan; Editing by Varun H K)