Asia’s naphtha refining profit margin rose for a fourth straight session on Tuesday hitting the highest level since June 13, with the price structure widening by 25 cents in backwardation.

The price of second-half August naphtha rose by $11.75 to $574.50 per metricton and traded $1.25 higher than the following month. The crack continued to trade in the negative territory amid poor petrochemical demand.

The gasoline crack jumped by $2.30 to $10.75 a barrel on Tuesday amid firm demand.

At the deals window, there were two deals for 100,000 barrels of gasoline. Energy trader Vitol bought a cargo each of the benchmark grade and 95-octane grade of the fuel. O/AS

NEWS

– Global energy demand is forecast to rise 23% through 2045, Haitham Al Ghais, the secretary general of the Organization of Petroleum Exporting Countries (OPEC), said on Tuesday at a Nigerian oil and gas conference.

– Saudi Aramco has informed some clients in North Asia they will receive full nominated volumes of crude oil in August, several sources with knowledge of the matter said on Tuesday, while top buyer China once again requested for less supply.

– Oil prices were little changed on Tuesday as traders weighed supply cuts by the world’s biggest oil exporters and hopes for higher demand in the developing world in the second half of 2023 against a sluggish global economic outlook.
Source: Reuters (Reporting by Mohi Narayan; Editing by Sohini Goswami)