Asia’s naphtha refining profit margin gained some ground on Monday after crude oil benchmarks weakened and hopes of a rise in imports from China supported the sentiment, although the trading window was quiet.
The crack rose by about $7 to $70.43 per metric ton over Brent crude in a steady backwardation of $9.50 a ton. Naphtha margin was down around 16% this month after war premiums began to ease.
Meanwhile, Abu Dhabi’s National Oil Company (ADNOC) signed two memorandum of understandings with China’s Wanhua Chemical Group. Under one MoU, the companies will explore potential for a long-term supply, storage, and trading agreement involving LPG, naphtha feedstocks, and finished-grade chemicals, ADNOC said in a social media post on X last week.
The companies are also looking for potential collaboration on the global sourcing and delivery of ethane in the second MoU, ADNOC said.
NEWS
– Israel’s Oil Refineries said on Sunday it had partly resumed activities at its Haifa facility, which was shut down following an Iranian missile strike two weeks ago.
– Japan engages in “unfair” automobile trade with the United States and should increase its imports of U.S. energy resources and other goods to help reduce the U.S. trade deficit, President Donald Trump said in an interview broadcast on Sunday.
SINGAPORE CASH DEALS
Two gasoline deals.
Source: Reuters