Asia’s naphtha margins dipped further by $1.01 to $108.43 per metric ton over Brent crude.
Petrochemical demand could strengthen going forward as the cracker turnaround season wraps up by November, an LSEG report stated.
South Korean GS Caltex’s 750,000-metric-ton-per-year mixed-feed cracker is expected to complete its 65-day turnaround and debottlenecking process next month, with the unit’s ethylene production capacity expanded to 900,000 metric ton per year when it returns online, the report added.
Gasoline margins dropped on Tuesday, as 150,000 barrels of the benchmark grade of octane exchanged hands at the end of the trade window.
The crack dipped to $4.19 per barrel over Brent crude from $5.69 on Monday.
NEWS
Oil prices steadied near $74 a barrel on Tuesday as the top U.S. diplomat renewed efforts to push for a ceasefire in the Middle East and slowing demand growth in China. Brent crude futures LCOc1 for December delivery were down 20 cents, or 0.27%, at $74.09. U.S. West Texas Intermediate crude futures CLc1 for November delivery were 20 cents lower at $70.36 a barrel on the contract’s last day as the front month.
China has set the crude oil import quota for non-state-owned firms at 257 million metric tons (5.14 million barrels per day) for 2025, the commerce ministry said on Tuesday.
SINGAPORE CASH DEALS O/AS
Four gasoline deals and no naphtha trade.
Source: Reuters (Reporting by Haridas; Editing by Vijay Kishore)