Asia’s naphtha margins climbed to their highest in more than a month on Monday, paring the previous session’s losses, as U.S. President-elect Donald Trump’s threat to reinforce Washington’s control of a key shipping passage triggered fears of supply chain disruptions.
The crack (NAF-SIN-CRK) rose from $93.98 in the previous session to $100.15, its highest level since Nov. 11.
Gasoline margins (GL92-SIN-CRK) ticked up $7.13 on Friday to $8.08 for the day, amid thinned trading ahead of the year-end holidays.
Trump threatened to reassert U.S. control over the Panama Canal on Sunday, accusing Panama of charging excessive rates to use the Central American passage.
The waterway, which allows up to 14,000 ships to cross per year, accounts for 2.5% of global seaborne trade and is critical to U.S. imports of autos and commercial goods by container ships from Asia, and for U.S. exports of commodities.
NEWS
Oil prices rose on Monday as lower-than-expected U.S. inflation data revived hopes for further policy easing, although the outlook for a supply surplus next year weighed on the market.
China’s CNOOC Limited 600938 said on Monday its Suizhong 36-2 oilfield 36-2 block development project has started production, and is expected to achieve peak production of approximately 9,700 barrels of oil equivalent per day in 2026.
Nigeria’s Dangote Refinery is now operating at 85% capacity and is on course to deliver European-standard products by January, an executive said on Friday.
U.S. crude oil exports to northwest Europe are likely to slip early next year after hitting a record high in November, as the arbitrage for transatlantic shipments has slammed shut and freight rates have climbed, analysts said.
SINGAPORE CASH DEALS
No deals for the day.
Source: Reuters