SINGAPORE: Asia's naphtha crack was at a one-week high of $57.78 a tonne on Tuesday as demand stayed firm with South Korean buyers seeking cargoes.
NAPHTHA SPOT DEALS: Hyundai was looking to buy heavy full-range naphtha for its condensate splitter while Hanwha Total was also seeking the same grade of naphtha as Hyundai.
- Traders said Hanwha paid premiums in the low-single-digit level to Japan quotes on a cost-and-freight (C&F) basis for a cargo delivery to Daesan in first-half July.
- Hanwha Total had also bought three cargoes totalling an average of 75,000 tonnes on May 19 for first-half July delivery to Daesan at similar premium levels.
TENDERS: Bahrain Petroleum Company (Bapco) sold 50,000 tonnes of naphtha for July 28-31 loading to Shell at premiums of $8 to $9 a tonne to Middle East quotes on a free-on-board (FOB) basis, traders said.
- This could not be independently confirmed as the buyer and seller typically do not comment on their deals.
- Bapco does not usually sell naphtha in the spot market as it has long-term commitments with Asian buyers.
GASOLINE: Asia's gasoline crack slipped to a two-session low of $10.47 a barrel after hitting a one-month high in the previous session.
- But traders looked past the slight drop as they expect demand to stay firm at least from now through June.
REFINERY NEWS: Japan's top oil refiner, JXTG Nippon Oil & Energy Corp, will shut a 145,000-barrel-per-day (bpd) crude distillation unit (CDU) at its Sendai refinery for maintenance from June 12 to mid-July.
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