Asia’s gasoline refining profit margin continued to trade strong above $11 per barrel on Wednesday amid tight supplies due to regional maintenance and firm demand, traders and analysts said.
Japan’s largest refiner, Eneos Corp, carried out an unplanned shutdown of the 95,200 bpd No.2 crude unit at its Mizushima-B refinery in western Japan on April 24, a company spokesperson said, without providing any further details.
The company restarted two crude distillation units at its Kawasaki refinery near Tokyo earlier this week following an unplanned shutdown, a company spokesperson said.
In naphtha market, the crack traded at $97.20 per metric ton over Brent crude, compared with $102.08 a day earlier.
In purchases, South Korean Lotte Chemical was heard to have bought two naphtha cargoes for second-half June delivery, market participants said.
NEWS
– Oil prices rose about 1% on Wednesday, gaining for a second session, finding support from positive investor sentiment over U.S.-China trade talks to be held this weekend and signs of lower U.S. shale output.
– Chinese authorities announced on Wednesday a raft of stimulus measures, including interest rate cuts and a major liquidity injection, as Beijing steps up efforts to soften the economic damage caused by the trade war with the United States.
SINGAPORE CASH DEALS
One naphtha deal.
Source: Reuters