Asia’s naphtha refining profit margin slipped on Thursday after crude oil prices rose and Singapore inventories swelled to a three-month high.

The crack dropped by $14.23 to $59.20 per tonne over Brent crude, and the backwardation in the market widened to $3.25 per tonne. The gasoline crack traded steady.

INVENTORIES

Singapore inventories of light distillates rose for a second straight week to 16.462 million barrels in the week to Jan. 11, Enterprise Singapore data showed.

TENDERS

South Korea’s YNCC sought 25,000 tonnes of naphtha for second-half February delivery in a tender that closed on Wednesday with same-day validity.
Source: Reuters