Asia’s naphtha refining profit margin jumped on Tuesday amid steady demand for February cargoes.

The crack (NAF-SIN-CRK) climbed to $58.13 a tonne, compared with $51.33 a tonne a day earlier. On Tuesday, the backwardation in naphtha markets stood at $2 per tonne.

South Korean buyers SK Energy and Hanwha TotalEnergies emerged to snap up second-half February cargoes of total volume 50,000 tonnes, market participants said.

Meanwhile, trading activity remained robust in gasoline physical markets, boosting the crack (GL92-SIN-CRK) by 64 cents to $8.85 a barrel over Brent crude on Tuesday.

TENDERS

Egypt’s EGPC sought 33,000-35,000 tonnes of 95-octane gasoline for delivery during Jan. 20-22 in a tender that closes on Tuesday.

Indonesia’s Pertamina sought 50,000 barrels of gasoline for delivery during Jan. 29-31 in a tender that closed on Friday. The tender is valid till Tuesday.
Source: Reuters