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Asia Naphtha/Gasoline-Naphtha margin slips after crude gains

Tuesday, 11 June 2024 | 20:00

Asia’s naphtha refining profit margin declined on Tuesday after prices of the light distillate rose in tandem with crude oil benchmarks.

The crack slipped to $61.64 per metric ton over Brent crude oil, compared with $62.95 per metric ton in the previous session.

On the supply side, June arrivals into Asia will likely stand at5-5.5 million metric tons, compared with the previous month’s level of 6 million mt, assessments by LSEG Oil Research showed.

Western arbitrage flows are expected to rebound, with June arrivals projected to rise by more than 10% month-on-month to 1.6-1.7 million mt, data from LSEG Oil Research showed.

In gasoline markets, the refining profit margin lingered below $7 per barrel over Brent crude.

NEWS

– Global commodities trader Glencore has won a tender to supply crude oil to Prax’s 113,000-barrel-per-dayLindsey oil refinery in Britain, replacing rival trader Trafigura, three sources with knowledge of the deal told Reuters.

– Oil prices were steady on Tuesday after climbing about 3% a day earlier, as investors waited for key U.S. and China CPI data as well as the outcome of the Federal Reserve’s policy meeting to glean a clearer picture of where inflation is heading and how that will affect fuel demand.

– Saudi crude oil exports to China will fall in July for a third straight month to about 36 million barrels amid plant maintenance and as some refiners opted for other sources of cheaper oil, several trade sources said.
Source: Reuters (Reporting by Mohi Narayan: Editing by Tasim Zahid)

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