Asia’s naphtha refining profit margin rose on Tuesday amid an uptick in buying activity at the deals window.

The crack rose by about $6 to $91.13 per metric ton over Brent crude. At the Singapore window, energy traders BP and Total bought 25,000 tons each of the light distillate. O/AS

Sentiment for demand in the market remained negative amid persisting weak margins for ethylene, traders said.

In gasoline markets, the crack GL92-SIN-CRK was steady at $9 per barrel over Brent crude on Tuesday.

NEWS

– Yemen’s Iran-aligned Houthis said on Tuesday they carried out a military operation against the Norwegian commercial tanker STRINDA in its latest operation to protest against Israel’s bombardment of Gaza.

The chemical tanker is now headed for a safe port, the ship’s Norwegian owner, Mowinckel Chemical Tankers, told Reuters. The STRINDA tanker’s crew of 22 from India are all unhurt, Mowinckel Chair Geir Belsnes said.

– Oil rose on Tuesday as an attack by the Iran-aligned Houthis on a chemical tanker escalated geopolitical tension in the Middle East, though concerns over excess supply and slowing demand kept a lid on gains.

SINGAPORE CASH DEALS O/AS

Two naphtha trades, no gasoline trades.
Source: Reuters (Reporting by Mohi Narayan; Editing by Shailesh Kuber)