SINGAPORE: Asia's naphtha crack rose to a five-session high of $70.68 a tonne on Monday as recent demand from North Asia could have given the market some support, traders said.
- Taiwan's CPC was out to buy full range naphtha and heavy grade for April 5-26 delivery to Kaohsiung through a tender closing on Feb. 26, with offers to stay valid until Feb. 27.
- "Many felt that the market has bottomed ... supplies of heavy full-range grades should be tighter due to limited cargoes arriving in April from the West," said a Singapore-trader who was comparing supplies of heavier grades to open-specification naphtha.
- Over in China, customs data showed that the country imported around 365,000 tonnes of naphtha in January, making this its lowest monthly import since October 2016, official data showed.
GASOLINE: Asia's gasoline crack was at a two-session high of $7.44 a barrel.
CASH DEALS: Two deals on naphtha and two on gasoline.
- Trafigura bought both the naphtha cargoes, one of which was from BP and another from Petro-Diamond.
- Vitol on the other hand bought both the gasoline cargoes of which Unipec would be the supplier.
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