Asia’s naphtha refining profit margin flipped to premiums on Wednesday amid a downtrend in flat prices as crude oil gave up some of its gains stemming from the Israel-Hammas war, market participants said.
The crack NAF-SIN-CRK rose to a premium of $2.13 per metric ton, compared with a discount of $3.85 a day earlier. The first-half December naphtha prices eased by $5.50 to $662.50 per ton.
In tenders, India’s BPCL sold 35,000 tons of naphtha for Nov. 2-4 delivery from Mumbai port to energy trader Trafigura, market players said.
HPCL sold two naphtha cargoes of 33,000 tons each to BP for delivery during Nov. 5-7 and Nov. 13-15, respectively, from Vizag, they added.
In gasoline markets, margin GL92-SIN-CRK eased below $7 per barrel on Wednesday and price for the benchmark-grade of the fuel fell to $94.65 a barrel.
NEWS
– China has set a minimum size for new oil refineries and will ban small crude processors that claim to be chemicals or bitumen producers under its plan to limit total capacity at 1 billion metric tons by 2025, its state planner said on Wednesday.
– Australia’s Ampol reported a 65% jump in third-quarter operating earnings on Wednesday, boosted by refinery margins above expectations and strength in its fuels and infrastructure business.
SINGAPORE CASH DEALS
One gasoline trade, no naphtha deals.
Source: Reuters (Reporting by Mohi Narayan; Editing by Shilpi Majumdar)