Asia’s naphtha refining margin reversed course on Monday, giving up most of the gains of last week after crude oil prices rose on supply worries.

The crack NAF-SIN-CRK plunged by about $9 to $10.65 a metric ton over Brent crude and the first-half November naphtha price slipped by $5 to $715.50 per ton. There were no trades for naphtha for a fifth straight session at the window.

In gasoline markets, speculation around another batch of export quotas stoked expectations of higher exports from China next month. Exports from the country have fared slightly lower on month in September at about 1 million tons so far, preliminary ship tracking data from Kpler showed.

The gasoline crack GL92-SIN-CRK fell below $9 a barrel over Brent crude on Monday.

Meanwhile, the Russian government has approved some changes to its fuel export ban, lifting the restrictions for fuel used as bunkering for some vessels as well as diesel with high content of sulphur, a government document showed.

The ban on all types of gasoline and high-quality diesel remains in place.

NEWS

– Oil prices rose on Monday as investors focused on a tighter supply outlook after Moscow issued a temporary ban on fuel exports while remaining wary of further rate hikes that could dampen demand.

– Egypt’s petroleum ministry launched an international bidding round on Monday for exploration in 23 open blocks, with the offer deadline set for Feb. 25.

SINGAPORE CASH DEALS O/AS

One gasoline trade.
Source: Reuters