SINGAPORE: Naphtha's prompt November/December inter-month timespread rose to a near one-week high on Thursday as buying appetite from end-users in the petrochemical market gradually returned and bullish players reiterated that supplies lagged demand.
Meanwhile, fuel oil timespreads hovered at a near two-year low on the back of ample supply and weak physical demand. Early trade was subdued with no inter-month premiums heard done.
Fuel oil's November crack also fell to a near 17-month low reflecting the lacklustre demand from utilities and for marine bunker fuel.
In gasoil, inter-month premiums were mostly weaker as physical demand had begun tapering off going into the fourth quarter of the year.
Gasoil's November cracks rose marginally but remained at its lowest since early August, reflecting the weakened demand within Asia.
Front-month December Brent futures dropped 12 cents per barrel to $113.57 per barrel from Wednesday's Asia close.
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