Asia’s refining profit margin for naphtha extended gains on Monday after posting a weekly gain of 32% on Friday, buoyed by firm demand for first-half May cargoes.

The naphtha crack rose by $7.75 to $109.38 a tonne.

In physical markets, energy trader BP sold 25,000 tonnes of first-half May naphtha, while Vitol bought a total of 100,000 barrels of benchmark grade of gasoline, market participants said.

The gasoline crack, on the other hand, inched lower at $11.70 a barrel on Monday, although sentiment remained positive amid strong Chinese local demand.

NEWS

Oil prices rose on Monday amid optimism over China’s demand recovery, concerns that underinvestment will crimp future oil supply and as major producers keep output limits in place.
Source: Reuters