SINGAPORE: Asia's naphtha crack fell for a fourth straight session to a nearly 2-1/2 month low of $65.90 a tonne on Thursday, weighed down by strong oil prices and expectations of weaker demand ahead due to cracker maintenance in North Asia.
- Demand was mostly muted from South Korea and demand for June cargoes was seemingly slower than that for May.
- Spot premiums for cargoes delivering to South Korea in first-half June this week were down compared to cargoes scheduled for second-half May as delivery effects of weaker fundamentals were felt.
TENDERS: India's Bharat Petroleum Corp Ltd (BPCL) on Wednesday sold 35,000 tonnes of naphtha for May 1-2 loading from Kochi to Gunvor at premiums of about $23 a tonne to its own price formula on a free-on-board (FOB) basis, traders said.
- BPCL had previously sold up to 40,000 tonnes of naphtha for April 15-16 loading from the same port at premiums of $24 a tonne on a FOB basis to Japanese Petro-Diamond.
- BPCL is planning on starting a trading office in Singapore and operations could begin by September.
- This would make it the second Indian state refiner after Indian Oil Corp to have an office in the city-state.
- Kuwait Petroleum Corp (KPC) was seeking 25,000 tonnes of gasoline for May 5-6 loading through a tender closing on April 20.
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