Asia’s naphtha refining profit margin rose on Tuesday, snapping a four-day losing streak, as crude oil benchmarks dropped by more than $1 on fears of a new financial crisis.

The crack rose by $9.73 to $86.65 a tonne over Brent crude oil, and the backwardation in naphtha markets stood at $18.50 per tonne.

At the Singapore trading window, there were no deals for naphtha for a fourth straight day. There were no trades for gasoline as well.

The gasoline refining profit margin weakened by 40 cents to $12.32 a barrel over Brent crude.

Meanwhile, China’s gasoline exports were expected to be steady at between 300,000 tonnes and around 362,000 tonnes in March as domestic demand recovers, a Reuters survey showed. Last month’s survey showed gasoline exports were likely to fall to eight-year lows in February.

NEWS

– India is not obligated to buy Russian oil at rates below the price cap imposed by the Group of Seven (G7) and other Western nations, an Indian oil ministry source told Reuters on Tuesday.

– The Shanghai Cooperation Organisation (SCO) said on Tuesday that its members, including Russia, China and India, would consider jointly developing emerging fuel projects to connect countries emerging as major fuel producers and consumers.
Source: Reuters