Asia’s naphtha margins strengthened on Monday, although the upside to the rise is capped by lower demand due to the planned turnarounds of several regional crackers.
The margins climbed by $0.89 to $86.68 per metric ton over Brent crude.
In gasoline, the margins climbed to a four-month high, boosted by increasing demand in lieu of the festive travel season.
The margings reached $7.79 per barrel over Brent crude, its highest since Aug. 2.
In tenders, Mangalore’s MRPL was offering 75,000 metric tons of 95-octane gasoline for the loading period of Dec. 26-27, the company website listed. The tender closes on Dec. 3.
Pakistan’s PSO was seeking one cargo of 92-octane gasoline for the respective periods of Jan. 5-11 and Jan. 16-20, the company posted – the tenders close on Dec. 2, and Dec. 9, respectively.
NEWS
Oil prices rose on Monday, supported by strong factory activity in China, the world’s second-largest oil consumer, and escalating tensions in the Middle East, where Israel resumed attacks on Lebanon despite a ceasefire deal.
China’s 10-year yield dropped below 2% to hit its lowest point on record on Monday, breaking a psychological barrier as a sputtering economy and bets on further rate cuts drive investors into the safety of bonds.
SINGAPORE CASH DEALS O/AS
Five gasoline deals and no naphtha trade.
Source: Reuters (Reporting by Haridas; Editing by Tasim Zahid)