Asia’s gasoline margins rallied on Tuesday after dipping in the previous session.
The crack improved to $9.02 per barrel over Brent crude, from $7.55 on Monday.
In tenders, Pakistan’s PSO was seeking 92-octane gasoline for the loading period of Jan. 25-31, the company website listed. The tender closes on Dec. 16.
In naphtha, the margins improved to more than a two-week high to $92.40 per metric ton over Brent crude, its highest since Nov. 21.
Regional traders shared that there is little impetus for cracker operating rates to be ramped up amid lacklustre margins and a foreboding sense of caution as the market eyes the start-up of three new crackers in China during October 2024-March 2025, which would lead to incremental petrochemical supplies entering the market.
In tenders, Mangalore’s MRPL was offering 30,000 metric tons of naphtha for the loading period of Dec. 27-28, the company website listed. The tender closes on Dec. 10.
NEWS
Oil prices slipped on Tuesday as concerns eased about the fallout from Syrian President Bashar al-Assad’s overthrow, but the market found support in China’s vow to ramp up policy stimulus, which could boost the top global crude buyer’s demand.
Private Chinese refiner Hengli Petrochemical has snapped up Middle East crude, six traders familiar with the matter said, mostly from TotalEnergies after the French major amassed a large volume of the oil and as Iranian supply to China has tightened.
SINGAPORE CASH DEALS
One gasoline deal and no naphtha trade.
Source: Reuters (Reporting by Haridas; Editing by Tasim Zahid)