Asia’s naphtha refining profit margin rose on Tuesday after crude oil tumbled, although sentiment remained subdued due to persisting tepid petrochemical demand.

The crack rose by about $4 to $11.85 a ton over Brent crude. The second-half November naphtha price plunged by about $11 to $690.75 per ton and traded $2.75 higher the following month.

There were no trades for naphtha for a ninth straight session at the Singapore deals window. In gasoline market, energy trader Vitol bought 50,000 barrels of benchmark grade of the fuel.

The gasoline market was steady on Tuesday supported by hopes of firm demand during the Chinese holiday week. The crack traded at $3.58 a barrel over Brent crude.

REFINERY NEWS

– Japan’s Cosmo Oil has restarted the 86,000 barrels-per-day (bpd) crude distillation unit (CDU) at the Yokkaichi refinery in central Japan at the end of September after fixing an electrical problem, a company spokesperson said.

– Japan’s biggest refiner, Eneos Corp, restarted the 141,000 barrels-per-day (bpd) crude distillation unit (CDU) at its Sakai refinery in western Japan on Sept. 19 after an unscheduled shutdown on Sept. 4, a company spokesperson said.

NEWS

– Russia is setting no time frame for the fuel export ban it introduced last month, and it will remain in place as long as necessary to stabilise prices and address shortages on the domestic market, Interfax cited Deputy Prime Minister Alexander Novak as saying.

– India will manage if the price of oil goes above $100 per barrel even though such a price would not be in “anyone’s interest,” the country’s petroleum minister said at a conference in Abu Dhabi.
Source: Reuters (Reporting by Mohi Narayan; Editing by Shailesh Kuber)