Asia’s naphtha margin inched higher on Thursday amid stable demand for March and April cargoes from eastern parts of the continent, but traders warned of downside risks due to a shutdown at an Indian plant.
The crack traded at $106.43 per metric tonne over Brent crude, up about $3 from the last session.
A South Korean buyer was heard seeking alternative feedstock butane for the month of April this week, market participants said.
India’s Nayara Energy offered 60,000 tonnes of benchmark-grade of gasoline for loading during March 16-20, they said.
INVENTORIES
Singapore light distillate stocks rose by 60,000 barrels to a two-week high of 16.375 million barrels in the week to Feb. 19, Enterprise Singapore data showed.
U.S. gasoline inventories rose by 2.83 million barrels, market sources said, citing American Petroleum Institute figures on Wednesday.
NEWS
– Oil prices were little changed on Thursday after rising to a near one-week high in the previous session, as an industry report showing a buildup in U.S. crude stockpiles pressured the market.
– A potential Ukraine ceasefire and the associated easing in sanctions on Russia are unlikely to substantially increase Russia’s oil flows, Goldman Sachs said.
– The Singapore trading arm of U.S.-based refiner Phillips 66 has recently leased a new floating storage vessel along the Singapore and Malacca Straits for storing fuel oil, market sources told Reuters.
SINGAPORE CASH DEALS
Four gasoline deals, two naphtha trades.
Source: Reuters