Asia’s naphtha crack softened on Monday after underlying crude oil prices gained and activity at the trade window remained tepid.

The refining margin for naphtha was down about $4 to $110.45 per metric ton over Brent crude. The backwardation between first-half May and first-half June prices stood at $22.25 per ton.

In tenders, a Taiwanese seller was heard selling 35,000 tons of naphtha for second-half April at a premium of $19-$10 per ton last week, market participants said.

The gasoline margin traded steady amid scanty trading activity at the Singapore window.

NEWS

– Oil prices inched up on Monday as investors weighed the impact of fresh U.S. sanctions on Iranian exports against ceasefire talks aimed at ending the Russia-Ukraine war, which could lead to an increase in Russian supplies to global markets.

– Iraq’s oil minister Hayan Abdel-Ghani has said Iranian oil tankers seized by U.S. forces in the Gulf were using forged Iraqi documents.

SINGAPORE CASH DEALS

No trades.
Source: Reuters